FBAR Clarification

Intel Haihaihaih
Apr 14 8 Comments

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

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TOP 8 Comments
  • Cisco Wakeup
    Yes even for combined.
    Apr 14 0
  • 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.
    Apr 14 3
    • eBay / Eng
      #yolo

      eBay Eng

      PRE
      Microsoft
      #yolomore
      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
      Apr 14
    • Cruise Automation dlehrnap9
      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.
      Apr 14
    • eBay / Eng
      #yolo

      eBay Eng

      PRE
      Microsoft
      #yolomore
      Got it! Thanks for explaining it. So I guess I am fine 😊
      Apr 14
  • Intel Haihaihaih
    OP
    Thanks a lot for the clarification
    Apr 15 0
  • Albertsons ycDC13
    Always file fbar
    Apr 14 0
  • Amazon Deaf Bezos
    FIle it when in doubt. It's free and online.
    Apr 14 0