How often do I need to file FBAR even if the foreign bank account hasn't changed (the amount has)? Do I need to file every year?

Forum|Forum|7 years ago
June 3, 2019
1 reply
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I have foreign account and have filed FBAR in the past. Do I need to file FBAR every year for the same account? The value has changed; but haven't imported any income to the USA.

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Best answer by DS30

You need to file an FBAR every year that the aggregate account balance of all foreign financial accounts is more than $10,000 USD.

So if you had to file an FBAR in 2017, because your foreign bank account was over the $10,000 during the 2016 calendar year and if that same foreign bank account is over the limit during 2017, then you will need to file an FBAR for this foreign account in 2018.

Regarding your FBAR requirement -

If you have foreign bank accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) if are a US citizen or resident and::

you had a financial interest in or signature authority over at least one financial account located outside of the United States; and
the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

Foreign financial accounts consist of all foreign financial accounts that you own separately or jointly or for which you have signatory authority over (such as a foreign business account that is owned by the business but for which you can sign checks or redirect funds).

To be directed to the US Treasury Government Website to prepare a Report of Foreign Bank and Financial Accounts, click FBAR (TurboTax does not support this form)

DS30Answer

Level 12

You need to file an FBAR every year that the aggregate account balance of all foreign financial accounts is more than $10,000 USD.

Regarding your FBAR requirement -

If you have foreign bank accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) if are a US citizen or resident and::

you had a financial interest in or signature authority over at least one financial account located outside of the United States; and
the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

To be directed to the US Treasury Government Website to prepare a Report of Foreign Bank and Financial Accounts, click FBAR (TurboTax does not support this form)