Do You Need to File an FBAR For Accounts Under $10000? An International Tax Attorney Explains

The filing threshold for reporting foreign financial accounts on an FBAR is $10,000. That means if you have accounts with an aggregate value of $10,000 or more, you are required to file an FBAR. Mistakes are often made when U.S. persons think the filing threshold is $10,000 per account. That is not the case. If you have six accounts with values of $2,000 each, you have to file an FBAR reporting each of those accounts. If you have foreign accounts and want to know if they should be reported on the FBAR, reach out to an Attorney with the McGuire Law Firm to help assess your FBAR reporting responsibilities.

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