# Should I file form 8938



## Serphone (Feb 10, 2015)

Hi,

I'm wondering if i have to file form 8938 and i can't figure out which value to consider to determine this.
As an unmarried taxpayer living outside the US, i understand the threshold is 200,000$ at the end of year or 300,000$ at any point. 

My end of year balance on all accounts is around 170k$, and at any point during the year it was between 170k$ and 270k$. 
But if i add up the maximal value of each account individually, i am way over the threshold (around 550k$) because of several transfers between accounts. 

So, should i consider the maximal value of the sum (at any point) or the sum of maximal values (for each account) ?

Also, last year i filed the form because either way i was over the threshold (270k$ at the end of 2015).

Thanks for your help,
Thomas


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## Moulard (Feb 3, 2017)

As per the form instructions you have to file "if the total value of your specified foreign financial assets is more than $X on the last day of the tax year or more than $Y at any time during the tax year.

As such there is no double counting for the purposes determining whether or not you meet a reporting threshold. Moving a sum from one account to another does not affect the total value of your assets.

So in short as you are under your two thresholds you do not have to file.

The double reporting you refer to comes in to play when you exceed the reporting threshold.


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