Fbar/FinCen question

[watcharacters]

Anyone have a link as to the amount reporting thresholds? I know it starts at 10 K but it has higher reporting requirements based on the amount of the account outside the USA.

[Rob13]

an aggregate of 10K or more and you file.

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR

[Pib]

For the FBAR report it's $10K or more at any point in time during the calendar year. Don't confuse the reporting requirements of the FBAR with the different reporting requirements/thresholds on your tax return/Form 8938. This IRS weblink shows a comparison between FBAR and tax return Form 8938 reporting requirements. Tax return reporting requirements/thresholds are much higher and also vary depending on your filing status (single, married, etc).

https://www.irs.gov/Businesses/Comparison-of-Form-8938-and-FBAR-Requirements

[riclag]

On 1/10/2016 at 8:47 AM, Pib said:

For the FBAR report it's $10K or more at any point in time during the calendar year. Don't confuse the reporting requirements of the FBAR with the different reporting requirements/thresholds on your tax return/Form 8938. This IRS weblink shows a comparison between FBAR and tax return Form 8938 reporting requirements. Tax return reporting requirements/thresholds are much higher and also vary depending on your filing status (single, married, etc).

https://www.irs.gov/Businesses/Comparison-of-Form-8938-and-FBAR-Requirements

Hi Pib , Is it considered reportable if I have $1700 every month transferred here but it never reaches the 10,000  because I use it to live on during the month?

[ubonjoe]

6 minutes ago, riclag said:

Hi Pib , Is it considered reportable if I have $1700 every month transferred here but it never reaches the 10,000  because I use it to live on during the month?

No There is no need to report it.

A report is only needed if you have a total of $10,000 or more in Thai banks at any time during the year.

[Pib]

No need to fill an FBAR unless the aggregate value of all foreign accounts exceeded $10K at any time during the year (even a millisecond).

 

So if you want to avoid the requirement to file an FBAR ensure the aggregate amount in your foreign account(s) does do not exceed $10K equivalent.

 

Some people like to do large transfer(s) a couple times a year (like over $10K to reduce the amount going to fees) and for these folks they automatically just incurred a requirement to fill an FBAR...even if the spent all the money same day.    And for folks who use the Bt800K in a Thai bank account for an annual retirement extension of stay, Bt400K in a Thai bank account for their annual marriage extension of stay, and/or just want to have more than $10K in a Thai bank account for savings/investment they also must file an FBAR.