FBAR aggregate value of the foreign financial accounts
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a0424131
New Member

FBAR aggregate value of the foreign financial accounts

Could you please help me with understanding the aggregated value of multiple account for FBAR filling.

I have 3 account.

This year had $5100 in account A, then transferred $5000 to account B which had already $100, and later transferred this money to account C. 

So after several days, I had the following balance A - $100, B - $100, C - $5000. 

As I understand I did not had aggregated value more than $5100.

Is that correct?

What does the rule says about the day of the transfer. It seems that on the day of the transfer I had $5100 on account A and then $5100 on account B, although in reality I had only $5100 in value.

1 Reply
LinaJ2018
Intuit Alumni

FBAR aggregate value of the foreign financial accounts

According to IRS regulations, as the total aggregate value of your financial account does not exceed $10,000, you are NOT required to report your financial assets, either on the Form 8938 Statement of Specified Foreign Financial Assets nor FinCE Form 114 ( FBAR).  

Please see attached link for details. 

https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

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