# US taxpayer abroad: Some FBAR questions



## alfacinha (Jan 15, 2014)

2013 will be my first tax year abroad. Some questions about FBAR:

I had transferred a certain amount into my foreign bank for the purposes of purchasing real estate (primary residence held in my name). The amount was held in the bank for 3 days. The rest of the year, my balance was much lower, although higher than the $10,000 threshold. I'm guessing I need to report the higher amount, but just want to make sure.

Since I don't fully understand the ramifications of FBAR, do I need to be concerned with paying some sort of taxes on these funds? The money transferred had been legally earned and taxed in the US previously.

My primary address is my foreign address. I do not maintain a residence in the US, although I use a relative's address for my US bank accounts, for fear that the banks will terminate them if I change my address to overseas. I plan to use my foreign address on my FBAR and any other tax returns I need to file. Will I run into any problems with the two addresses?

Thank you for any help!


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## Bevdeforges (Nov 16, 2007)

The FBAR is just a report of your foreign (non-US) bank accounts along with the high balance for the year. Period. So yes, if your foreign bank had a large amount in it, even if only for 3 days (even if only for half a day), you need to report that balance. (Frankly, I always add a couple thousand $ to whatever I determine the high balance was - there is no penalty for over-reporting.)

There is no tax on what you report on the FBARs - it is a simple report. In theory, they could compare the accounts you report to what you report for bank interest - but there are bank accounts that are reportable that may not pay any interest at all. 

You don't report any US bank accounts on the FBAR - only your non-US accounts - so the fact of your using your foreign address is of no concern to anyone.
Cheers,
Bev


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## alfacinha (Jan 15, 2014)

Thank you Befdeforges! 

I'm looking forward to learning more on this forum...


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