Welcome Guest. Register Now!  


For 2013 Tax Tips For Year 2013.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 06-24-2013, 01:53 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
If a person has multiple accounts each with less than $10,000, does he have to file a FBAR?

Let us suppose, that a US person owns foreign financial accounts A, B and C with account balances of $3,000, $1,000 and $8,000, respectively.

Would that person have to file an FBAR and if so, which accounts must be listed on the FBAR?

According to the IRS, "even though no single account is over $10,000, because the aggregate value of accounts A, B and C is over $10,000, the person has to file an FBAR and must report foreign financial accounts A, B and C on the FBAR"

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What are the exceptions for filing a FBAR (Foreign Bank and Financial Accounts) Form? TaxGuru For 2013 0 06-24-2013 01:50 PM
How to handle multiple brokerage accounts for Form 8949? minotaur Capital Gains 3 02-19-2012 01:42 AM
Could the cumulative FBAR penalties potentially exceed the amount in a taxpayer's foreign accounts? TaxGuru Filing Requirements 0 08-15-2011 11:54 PM
How do filers of the FBAR report their accounts to the IRS? TaxGuru Filing Requirements 0 08-15-2011 11:44 PM
What is a United States person in the context of FBAR reporting purposes? TaxGuru Filing Requirements 0 08-15-2011 11:36 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning