This is probably a redundant question but I actually saw a reply by an attorney that says to report your account even if you closed it with any amount in it for that year, so I want to make sure.
What if you had $200k in your foreign account but withdrew all of it except $300 in 2018, then closed your account Jan 3, 2019 removing the final $300 balance; so the most ever in the account for 2019 was $300 the entire year. Would we still need to file an FBAR for 2019 to alert them the account is closed and only $300 was the max that year?
I've been filing FBARS for 7 years approximately $200k in a foreign account, do I need to alert FBAR that I no longer have this account and that for 2019 had no more than $300 in it the entire year? Or do we simply just stop filing. Won't IRS wonder why suddenly after 7 years of $200k filing there's no FBAR or wonder why they didn't receive an FBAR from me for 2019?
Seems there should be some way of providing explanation to FBAR that the account is closed and at no time did the account have more than $10,000 in it. Just $300 in it for 3 days in 2019. This would avoid any red flags of someone "not reporting," who the IRS has seen reporting for many years.
