# Very Quick FBAR Query



## Meepmeepy (Sep 17, 2014)

Just wanted clarification of some wording.

You only need to file if on a single day, the total amount in all foreign accounts passed $10,000 correct?

For example my spouse had over $10,000 if you add together the highest amount in her 3 accounts, but the highest total on any one day was only $6000 so there is no need to file for 2015, correct? (she only had a UK bank account for 3 months of that so hence why its so low).


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## BBCWatcher (Dec 28, 2012)

Let's look at the instructions together....

"*Who Must File an FBAR*. A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year."

Then later:

"If the maximum account value of a single account or aggregate of the maximum account values of multiple accounts exceeds $10,000, an FBAR must be filed. An FBAR is not required to be filed if the person did not have $10,000 of maximum value or aggregate maximum value in foreign financial accounts at any time during the calendar year."

So the answer is "most probably not." However, there's no _harm_ in filing even if you're not required to file. If your spouse would like to file, your spouse can.


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## Bevdeforges (Nov 16, 2007)

When hovering about the threshold like that, I wouldn't worry too much. Stake out what, for you, is a logical explanation - in which case it sounds like the total balance of the accounts really never did exceed the $10,000 threshold during the year. If (and it's a BIG if) anyone were ever to come back and ask why she didn't file for 2015, you have your reason. But the chances of that happening are pretty close to 0.
Cheers,
Bev


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