FBAR maximum aggregate value of foreign bank account

varunutd — Wed, 15 Apr 2020 01:18:27 GMT

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.

Re: FBAR maximum aggregate value of foreign bank account

MarilynG1 — Wed, 15 Apr 2020 01:36:57 GMT

No, you would not be required to file the FBAR.

The aggregate value of your financial account did not exceed $10,000 at any time during the calendar year.

Click this link for more info on Form 8938 and FBAR.