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Level 2
posted Mar 12, 2022 6:29:41 PM

FBAR filing requirement if the account became less than $10,000 in total

I had a foreign bank account with more than $10,000, so I had filed FBAR in past years.  In 2020, I transferred most of money to US, so during 2021 the foreign bank account had less than $10,000 all time.  In that case, I simply do not need to file FBAR for 2021?  Any documentation/reporting system to inform of it?

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1 Best answer
Expert Alumni
Mar 12, 2022 7:06:02 PM

Yes, you do not need to file FBAR if all your foreign accounts added together were never over $10,000 on any day during the year.  There is no documentation/reporting needed to report that you are not filing FBAR for 2021.

1 Replies
Expert Alumni
Mar 12, 2022 7:06:02 PM

Yes, you do not need to file FBAR if all your foreign accounts added together were never over $10,000 on any day during the year.  There is no documentation/reporting needed to report that you are not filing FBAR for 2021.