Silly question on FBAR
Apr 26th 2019, 3:51 pm
#1
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Silly question on FBAR
I may be overthinking this - I am understanding that I report bank accounts if during the year the balance reached $10,000 or more. If I receive the equivalent to $2,000 a month into my accounts but spend it so the balance never reaches the threshold then I do not need to file FBAR? It isn't about the $24000 that was deposited over the year?
Last edited by brokenhearted.; Apr 26th 2019 at 3:55 pm.
Apr 26th 2019, 4:44 pm
#2
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Posts: 2,134
Re: Silly question on FBAR
I may be overthinking this - I am understanding that I report bank accounts if during the year the balance reached $10,000 or more. If I receive the equivalent to $2,000 a month into my accounts but spend it so the balance never reaches the threshold then I do not need to file FBAR? It isn't about the $24000 that was deposited over the year?
Apr 27th 2019, 4:35 pm
#3
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Re: Silly question on FBAR
That is also my understanding, and the exchange used to calculate the maximums is the one they publish at year end, December 31st.
