I had no clue I had to file FBARs until this year. I filed one this year. From what I could tell it's pretty straight forward if your foreign banks didn't have more than 100k at any point. However while I was doing my research on this, I came across a number of discussions where people where debating whether or not they should file FBAR. I even found instances where people were trying to avoid having to file FBAR by only maintaining a max of 9k for example at any given time. I usually send money to my NRE account for family support and sometimes for investments into real estate. Should I also be doing the same thing? Send less than 10k and empty out the foreign bank as soon as you get close to that number?
Does filling FBAR every year have any implications in the long term?
On the flip side I also saw some posts where people suggest filing the FBAR even if the combined balance was less 10k.
So it's really confusing. Any help in understanding the matter is much appreciated. Thank you!
