I had a foreign account for 2015 that had monthly balances of less than $10,000. I never had more than a few thousand dollars per month in the account. However, over the course of the year, I had moved about $11,000 through it. Does this mean I am required to report the bank account? It wasn't clear to me through the rules whether the FBAR requirement was $10,000 over time or in regards to the amount of money the account held at any given point.
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No, you only need to file an FBAR if all your foreign accounts added together were over $10,000 on any day during the year (not if more than $10,000 was transferred through the accounts over the course of a year).
According to the federal government;
If you have foreign bank accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) if are a US citizen or resident and:
To be directed to the US Treasury Government Website to prepare a Report of Foreign Bank and Financial Accounts, click FBAR (TurboTax does not support this form)
No, you only need to file an FBAR if all your foreign accounts added together were over $10,000 on any day during the year (not if more than $10,000 was transferred through the accounts over the course of a year).
According to the federal government;
If you have foreign bank accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) if are a US citizen or resident and:
To be directed to the US Treasury Government Website to prepare a Report of Foreign Bank and Financial Accounts, click FBAR (TurboTax does not support this form)
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