FBAR Due June 30th

For those of you who are US citizens and have money in any foreign banks totaling over $10,000 at any time in a calendar year, you are required to file the FBAR.  Go to: http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

This year is the first time that you must file online.  You will need Adobe Reader program on your computer. Also, depending upon the browser you use, several hoops need to be jumped prior to you being able to submit the form.

I would suggest that you take a look now.

7 thoughts on “FBAR Due June 30th

  1. It is easy to get caught in this trap. If you are buying a house you need to pay directly from your U.S. to the seller. If the money goes to your account first you have to file.

    • Tim, for those of us out of the US many years, we cannot easily get our money from the states any longer. So having Ecuadorian bank accounts is our only option. I actually would not transfer money directly to the seller I would transfer to my attorney so that I have control of the closing. I think sending money directly to the seller is unwise for many reasons.

      Filing the FBAR is like completing the Proof of Life statement for Social Security, just another form. This is added to a to-do list that I start each year. If you don’t complete the FBAR and it is discovered it is a huge fine. We don’t have much and what we have I want to keep for us, not give it back to the IRS. Nancy

  2. What is the reason for this form? I assume it is not tax related since one is required to fill out the annual income tax forms anyway.

    • Hi Marcos, The Treasury Department wants to know where your money is. So they came up with the FBAR form to report any moneys over $10,000 held in accounts outside of the USA. If you fail to complete this form the penalty can be very high. I hope that explains it in enough detail. Nancy

      • Supposedly it is to help prevent money laundering. Although if you are a criminal you probably won’t report the existence of the money. But if you don’t… they no longer have to prove that you got it illegally they just have to prove that it exists and then they can take it.

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