# 2015 FBAR question



## chuck846 (Jan 15, 2016)

I thought I'd get all this tax reporting stuff out of the way.

We have accounts (checking/savings/investment) with 3 firms outside the US (we have 3X3=9 accounts). All I receive from these firms are monthly statements. Most say 'Initial Balance', show the deposits/withdrawal totals and then 'Ending Balance'. Is it proper for me to go through the stack of statements and locate the highest value for the Balance or do I need to go through the monthly transactions ?

Is it proper for me to complete my FBAR filing, then make a copy and submit it for my wife using the same info (we are joint owners on everything).

Thank you.


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## Bevdeforges (Nov 16, 2007)

It is perfectly valid to go through and take the highest ending balance for your accounts using the monthly statements. You don't have to calculate the interim balances. Or, take the highest ending balance for each account and add a little bit as a "safety margin." They aren't looking for pinpoint accuracy.

If your wife is a US citizen and has her own FBAR obligation, I would image that you could just duplicate your filing to cover hers. Just be careful to save a copy of the electronic form BEFORE you "sign" it. You can't make changes to the form once you hit that "sign" button.
Cheers,
Bev


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## BBCWatcher (Dec 28, 2012)

"Be reasonable." If you've got millions of dollars flowing through an account, but miraculously the account always seems to end up with a balance of $10 at the end of the month, I wouldn't be reporting $10.


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## chuck846 (Jan 15, 2016)

BBCWatcher said:


> "Be reasonable." If you've got millions of dollars flowing through an account, but miraculously the account always seems to end up with a balance of $10 at the end of the month, I wouldn't be reporting $10.


But at the same time - if you have 2 accounts which held the SAME million dollars - how would you report it on the FBAR ?

And while I am at it - can you envision a scenario where a person's FBAR figures would not carry over to their (8938 ) fillings ?

Thanks


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## BBCWatcher (Dec 28, 2012)

You would truthfully report the highest balances. If you have _five_ accounts and the "same" $6 million (highest balance) moved between them, then you would report five accounts, each/every with a $6 million high balance.

Answer the questions asked, truthfully. Don't try to second guess. If you're a $50,000/year secretary with signature authority over 68 foreign accounts each with highest balances of $6.7 billion, so be it, and that's how you answer the questions asked.

Form 8938 has slightly different requirements than FinCEN Form 114 about which accounts are reportable.


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## Bevdeforges (Nov 16, 2007)

chuck846 said:


> And while I am at it - can you envision a scenario where a person's FBAR figures would not carry over to their (8938 ) fillings ?


The FBAR figures are understood to be high balances - that WILL duplicate when transferring funds from one account to another. Happens all the time. 

And though I haven't "engaged" with the 8938 form in any great detail, I believe that form asks for actual balances as of a particular date (31 December, perhaps?). Those balances are not tied to your FBAR filing, but rather to the report of balances from the banks under their FATCA filing obligation.
Cheers,
Bev


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## chuck846 (Jan 15, 2016)

Since the "Treasury depts" are exchanging data I wish the US would send me a 1099-INT based on the interest they have been told we earned. 

Is there someplace I can see what the US Treasury has collected on me via FATCA ? Don't I get a chance to verify it - kind of like a credit report ?


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## Bevdeforges (Nov 16, 2007)

chuck846 said:


> Since the "Treasury depts" are exchanging data I wish the US would send me a 1099-INT based on the interest they have been told we earned.
> 
> Is there someplace I can see what the US Treasury has collected on me via FATCA ? Don't I get a chance to verify it - kind of like a credit report ?


'Fraid not. There have been proposals made to have the IRS pre-fill your tax returns - at least that way you could see what they have on your various accounts. (They do that here in France, and possibly in some other countries.) But the US seems to not want to risk "competing with" the paid tax preparers. Write a note to your Congresscritter if you think it will do any good.
Cheers,
Bev


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