Should FBAR be filed if we had/have more than $10000 in all the foreign accounts ( savings, Nre, NRO, fixed deposit etc ) combined at any point of time during the year 2018. Or it is to be filed only if one of the foreign accounts had/have more than $10000 at any point of time during 2018. Please clarify
If the sum of (max balance for each account for the year) > $10K, you need to file. So with just $3K moved between 4 accounts, you can hit the threshold.
I thought it was "at any given point of time" if the total crosses $10k. I have been sending money every month, around $1.5k to my account which gets transferred to my loan account immediately. I didn't file FBAR
That’s what he said. If you have, combined, $10k in cash in a foreign country than you need to file FBAR. I think OP was asking if he could avoid filing by having 4 accounts each with $3k, which he cannot because 3x4 is $12k > $10k.
FIle it when in doubt. It's free and online.
Always file fbar
Thanks a lot for the clarification
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