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New Member
posted Mar 25, 2024 9:03:34 PM

Does The FBAR mean for me to file if my bank account goes over a $10,000 balance (I keep it below $10,000 and not file) or is it how much money goes in total in the year?

Essentially, I'm wondering if I keep the balance of my account under $10,000, then I don't have to file.

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1 Replies
Expert Alumni
Mar 26, 2024 5:55:09 AM

You are correct. If your foreign bank account balance is below $10,000 at all times during the year, you don't have to file an FBAR.

 

This FinCen document says:

 

Who Must File the FBAR?

A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.