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mohd-bilal-maqso
New Member

Savings account in India, does it need to report to FBAR?

I have a Savings bank account in Indian in which I transfer nearly $1000 monthly to cover expenses for my family. 

At any given point the total available balance did not surpass more than $5000. But if I total only the deposit made in account it will exceed $12000. Do I have to file FBAR?

 Also, i have a home mortgage of value more than $10000. Is FBAR required for the home loan as well?

1 Best answer

Accepted Solutions
LeeM
New Member

Savings account in India, does it need to report to FBAR?

No, you would not, according to the information you provided. You are only required to file an FBAR if your accounts totaled more than $10,000 at any given time not for the year in total.

For more information, you can see this IRS site for more info.

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1 Reply
LeeM
New Member

Savings account in India, does it need to report to FBAR?

No, you would not, according to the information you provided. You are only required to file an FBAR if your accounts totaled more than $10,000 at any given time not for the year in total.

For more information, you can see this IRS site for more info.

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