FBAR & Mutual Funds - How to declare?

[Anonymous]

I came from abroad in 2019 and I am currently a US Resident for Tax Purposes. In my home country, I have a brokerage account and acquires shares of several mutual funds.

I now I need to disclose that since the minimum threshold is met, but my question is: should I declare each one of the mutual funds separately or should I include all of them summarize in the brokerage account? Couldn't find anything related to that in the forum...

If I remain in doubt, I am thinking on declare one by one to avoid any issue (In my head it is better to over-declare rather than to under-declare).

Any advice on that?

[KathrynG3]

It depends. Depending on the amounts in the foreign accounts, you may have additional filing requirements. 

To file the FBAR, click this link for the BSA E-Filing System for FBAR(FinCEN 114)

2019 U.S. Citizens and Resident Aliens Abroad - Filing Requirements.

Click the links for more details:

Should I file FBAR (FinCEN 114), Form 8938, Form 3520 or all of these?

2019 IRS Comparison of Form 8938 and FBAR Requirements

2019 Form 8938 filing requirements

2019 FATCA Reporting, Form 3520

[Anonymous]

Thx Kathryn! I am over all thresholds, so, I definitely need to declare. In the link https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements I found that I do not need to declare item per item, given that: 

For "Foreign stock or securities held in a financial account at a foreign financial institution" (which is my case), it says that "The account itself is subject to reporting, but the contents of the account do not have to be separately reported"

Therefore, I need to report 1 account, with the sum of all assets (stocks, securities. etc), that this account has.

Does it makes sense?

[MinhT1]

You are correct. You just report the total balance of the account, and do not need to detail the stocks line by line.