Maximum account value FBAR

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For one of my accounts to be reported, on the day of maximum value I transferred € 6.000 into my account. The balance was € 0 until that moment. On that same day I transferred out of my account € 1,800. Is the maximum account value to be reported in the FBAR € 6,000 or € 4,200?

TurboTax Self Employed Online

Anonymous

That is a really good question. Your answer is, because it would impose an unreasonable accounting burden on both international banks and U.S. taxpayers (and perhaps impose an unattainable standard), we count the balance (value) of an account as of the close of business each day. We don't concern ourselves with, or need to report, intraday balance spikes and dips.

Thus, in your case, and given the numbers you cite, you would report your overseas account balance as having a maximum value of € 4.200 (4,200 Euros), and not 6,000 Euros

Thank you for asking about this.

splpezAuthor

Level 2

Thank you. Now, based on your answer, I have another doubt: I have closed one of my other accounts on Feb 2. The balance on Jan 1 was € 1,600. There were no movements until Feb 2 (day of closure). On Feb 2 I moved € 4,000 into the account, so the balance on the day of closure was € 5,600. What is the maximum account value, € 1,600, € 5,600 or € 0? Based on your response it would be € 1,600 but are there any exception for account closure?