I know that you have to file FBAR if your foreign account is over $10,000. But how do you exactly define over $10,000? What if the balance is over $10,000 for just a few hours for the whole year (while balance is less than $10,000 at the end of any given day)?
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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. https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html
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. https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html
@luojiesi agreeing with my colleague @Critter-3 . just wanted to point out that
(a) since non-reporting when you should have penalty is rather onerous
(b) that there is no tax consequences of reporting
my view is that you should file the FBAR form when in doubt -- it costs you nothing, the foreign banks all ( mostly ) report holdings of all US persons ( with SSN ) to the IRS anyways. Please don't nitpick and instead file the bloody form and save yourself possible penalties of US$10,000
pk
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