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multiple year Fbar questions

multiple year Fbar questions

Old Feb 8th 2021, 9:32 pm
  #16  
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Default Re: multiple year Fbar questions

You wont get penalized for submitting the FBARs late if it is just a reporting issue and your tax affairs were in order, which it sounds like they pretty much were. The people that get prosecuted for FBAR non compliance are the folks the deliberately hid their offshore accounts. Submit the missing FBAR and move on with your life. You will almost certainly hear nothing back after submitting.

Glad it all worked out well for you. Too many people are scared to death unnecessarily on these issues. If there was no intent to hide accounts and income from the IRS there is usually a way to come into compliance and move on with your life, without the need to expend a small fortune on professional fees.
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Old Feb 8th 2021, 9:50 pm
  #17  
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Default Re: multiple year Fbar questions

Originally Posted by tht View Post
Don’t forget that it’s the highest balance (maximum value) in an account during that year, not the same day. So if you had $10k in an individual account and so did your wife would both declare it on Part II of your own FBAR, if it was then combined in a joint account you would both have to declare it as $20k on Part III if each of your forms.
i took the highest values, per month final balance or line value whichever was greater, then took the highest of those for the Fbar, i had very little transaction once immigrated so it was an easy check.

i do not think my wife was above 10kusd at anytime , in foreign accounts, as she transferred it all to me prior to 2018 (in 2017 when we were exempt) , so I could handle the actual transfers as one. I will run a check with her and she may have to file if she exceeds. thanks

Last edited by hutchison; Feb 8th 2021 at 9:54 pm.
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Old Feb 8th 2021, 10:29 pm
  #18  
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Default Re: multiple year Fbar questions

Originally Posted by hutchison View Post
i took the highest values, per month final balance or line value whichever was greater, then took the highest of those for the Fbar, i had very little transaction once immigrated so it was an easy check.

i do not think my wife was above 10kusd at anytime , in foreign accounts, as she transferred it all to me prior to 2018 (in 2017 when we were exempt) , so I could handle the actual transfers as one. I will run a check with her and she may have to file if she exceeds. thanks
my point was more about the fact that the same money transferred between reportable accounts can show up multiple times. e.g. if you moved the same $10k to a new reportable account every month you would have to report 12 accounts with a total of $120k on the FBAR, even though you only had $10k at any one time.

Last edited by tht; Feb 8th 2021 at 10:33 pm.
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Old Feb 9th 2021, 2:52 pm
  #19  
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Default Re: multiple year Fbar questions

sound advice from all, thanks a 'bunch'. There is a compromise in having your tax prepared , that is you do not learn.
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