# First time Filing FBAR



## Purplebee (Dec 12, 2017)

I am a uk resident and am filing my US taxes. i have 2 joint bank accounts with my husband in the uk, I have never had to file an fbar before as we were below the amount required but this year we do need to file, from my understanding you need to report the highest amount in each of the accounts at one time? That is the part that has me a bit confused, you are supposed to report the amount in the accounts at one given time where the combined amount is the highest it has been for the year, not the most in each of the accounts at different times of the year? Sorry if i have this wrong, I dont understand taxes all that well and i just want to make sure i am submitting the correct information. Thank you!


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## Moulard (Feb 3, 2017)

You report the highest value in an account for the year using the exchange rate as of 31 December. 

And yes, this may mean you report a value of an account in May using an exchange rate in Dec and that thus the reported value is meaningless from an accounting perspective.


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