What is the threshold for FBAR reporting?

$10,000
A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. The full line item instructions are located at FBAR Line Item Instructions.

What is maximum account value on FBAR?

If the maximum account value of a single account or aggregate of the maximum account values of multiple accounts exceeds $10,000, an FBAR must be filed.

How is maximum account value determined for FBAR?

The FBAR maximum account value determines who should file. “Maximum value” refers to the largest account balance across a 12-month period, regardless of subsequent withdrawals that may lower the account balance below the filing threshold. Expats who have less than $10,000 in their accounts do not need to file.

What is the minimum requirement for an FBAR filing?

United States persons are required to file an FBAR if: the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

Is there Statute of limitations on FBAR penalties?

The statute of limitations on assessment of an FBAR penalty is six years, and it begins to run on the filing date of the FBAR–the June 30 succeeding the calendar year of the FBAR.

When to file FBAR for foreign bank account?

US persons with ownership or signature authority over foreign financial accounts should obtain complete copies of their account records and fully educate themselves regarding FBAR reporting obligations and, when necessary, seek advice from US tax professionals in advance of the June 30th filing deadline.