There are two different reporting mechanisms, depending on the type and value of your assets abroad:
FBAR (Form FinCen114)
Foreign Bank Account Report
An FBAR has to be submitted if the combined value of all your foreign bank accounts exceeds $10,000 at any point in time during the tax year. FBAR is filed separately from your tax return to the Department of the Treasury.
Statement of Specified Foreign Financial Assets
The threshold for Form 8938 varies depending on your situation, starting at $50,000 for US based taxpayers and $200,000 for US expats. It is filed as part of your tax return.
Foreign asset reporting is an important part of US tax obligations but often overlooked by US citizens abroad. We can help you determine if you have to report foreign assets and prepare the appropriate forms for you.