# Closed accounts and Fbar



## jog14

Greetings folks!

I'm an American who hasn't resided in the states since 2004, and up until recently, I'd never heard of this draconian IRS thing called Fbar. I spoke with the US treasury office in Detroit today, and was told I need to file for 2006-2012. I've filed all of my main tax returns through 2012, but I've never done the Fbar. I've never owed any tax since my income is always lower the foreign income exclusion. 

The problem is that I've lived in 2 different countries - Korea and Canada - and I have about 3 bank accounts that have been closed for a couple of years. It's difficult to estimate what the total would be for any of the old accounts. I know that I was over $10,000 on a couple of them at different times, but I have no way to get records of any of them. 

Any ideas of what to do in this case? 

Thanks.


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## BBCWatcher

Take your best truthful guess.


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## Bevdeforges

Make a good faith estimate and leave it at that. 
Cheers,
Bev


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## LarryW

The penalties for non-compliance are potentially serious and there have been a number of different amnesty programs and options made available to get people to opt in.

Nothwithstanding the cost, I suggest you consult with a tax professional for guidance.


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## DavidMcKeegan

First off, don't worry, you are in a pretty common situation! Fortunately, the Treasury has been pretty forgiving for those that come forward voluntarily. 

Secondly, I just wanted to clarify that the FBAR must be filed when the total of ALL accounts is more than 10,000 USD. So if one account is over 10K, unfortunately you will have to report all accounts (as it it an aggregate balance). 

Now as far as the issue of not having all the records, the most important thing is to disclose the existence of the accounts. While the maximum balance in each account is important, the most important thing is to disclose them... So I would say you should get the main account details such as bank name, address, and account numbers, and then attempt to make as good of an estimate of the maximum balances as possible.

I hope this helps!


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