After taking up residency in May, I had < $10k USD in my Canadian bank accounts. Earlier in 2017 I had > $10k. Am I required to report FBAR in the 2017 tax year?

lkprocee · ‎June 4, 2019

I took up residency in the USA May of 2017. I just filed my taxes with Intuit, and I had reportable income from June till now, but I'm confused on the FBAR requirements on my Canadian accounts.

I know I am exempt from FATCA, but if I had over $10,000 in foreign accounts before I moved, does that still count against me?

CarolC · ‎June 4, 2019

Yes, you do need to file an FBAR because your Canadian account was over $10,000 during part of the 2017 tax year.

Here are the Rules:

If you have a Foreign Bank Account you must report this on your tax return. Every taxpayer must disclose whether or not the taxpayer had a financial interest, or signature authority over, a financial account or trust, in a foreign country. If your answer is Yes, then this information is reported on Part III of Schedule B.

If the value exceeds $10,000 at any time during the year, then FBAR reporting is required. See the TurboTax FAQ below.

https://ttlc.intuit.com/replies/3301591

View solution in original post

CarolC · ‎June 4, 2019

Yes, you do need to file an FBAR because your Canadian account was over $10,000 during part of the 2017 tax year.

Here are the Rules:

If you have a Foreign Bank Account you must report this on your tax return. Every taxpayer must disclose whether or not the taxpayer had a financial interest, or signature authority over, a financial account or trust, in a foreign country. If your answer is Yes, then this information is reported on Part III of Schedule B.

If the value exceeds $10,000 at any time during the year, then FBAR reporting is required. See the TurboTax FAQ below.

https://ttlc.intuit.com/replies/3301591

After taking up residency in May, I had < $10k USD in my Canadian bank accounts. Earlier in 2017 I had > $10k. Am I required to report FBAR in the 2017 tax year?