IRS/FATCA/FINCEN Requirements: The IRS and the FATCA regulations have added a number of reporting requirements and tax forms since 2011. Check those rules and laws and see if they are applicable to you. These are some of the rules regarding having Bank accounts and properties outside US. Most of the people don’t follow it. But the penalty and criminal indictment are huge in these cases.

Having a bank account outside US: If you have one or more bank accounts in foreign country, it creates disclosure requirement on your Form 1040, Schedule B that asks if you have any foreign bank or securities accounts. Now you have to answer, yes. If the highest balance in that account(s) was $10,000 or more at ANY TIME during the calendar year, you must file the Form 114 Report of Foreign Bank Accounts. This form must be filed electronically with the Financial Crimes Enforcement Network [FINCEN] annually before July 1. Failure to do so risks penalties beginning at $10,000 and potential criminal indictment.

Owning a rental property outside US: If you own your foreign real estate directly as an individual, you do not have to report that property on Form 8938 or other FATCA forms even if it is a rental property. However, if you own the property directly AND you are renting it out, we are supposed to report the rental property on our personal US income tax return. Any real estate taxes and other related expenses, you pay on that property may be deducted on your itemized deduction schedule on your Form 1040.
Inheriting a family house: If you inherited the property, determining the fair market value on the decedent’s date of death provides your adjusted tax basis in the property. Under certain circumstances, you may be required to file a Form 3520 to report a distribution from a foreign trust, foreign estate or gift from a foreign person in excess of $100,000 during the year. Penalties for failure to file this form begin at the greater of $10,000 or 35% of the distributions received.

Selling foreign properties at a gain: Selling the property for a gain may create a taxable event in your US return with a possible foreign tax credit offsetting some or all of the US tax on the gain.
Exception: If the foreign property was your personal residence, you may be eligible for exclusion of your gain on your US tax return if you meet the 2 years out of 5 test for residing in the home. This applies even for a foreign home.

Disclaimer: These are based on my research on the topic and please do your own research and/or talk to your tax professionals if you are in doubt.