Hello,
I have a question on FBAR filing and the meaning of aggregate value of a bank account.
Let's consider this scenario:
During the year, let's say on the first day of every month, I deposited 1000 USD in my foreign bank account.
On day two someone withdrew the deposited 1000 USD from the same bank account. That means on day three of every month, the account balance was 0.
This way over the period of 12 months, over 10,000 USD would be deposited into the account, but never a day the balance crossed over 1000 USD.
In this case, should the FBAR be filed even though the value never crossed 10,000 USD? Please advise.