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luojiesi
New Member

FBAR for account over $10,000 for less a day?

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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Critter-3
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

FBAR for account over $10,000 for less a day?

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

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2 Replies
Critter-3
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

FBAR for account over $10,000 for less a day?

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

pk
Level 15
Level 15

FBAR for account over $10,000 for less a day?

@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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