# Question on Fbar form



## FilingLate (Mar 18, 2014)

Question from the pros

If i have an investment account open and closed in 2009
High balance 12000
should i put as high balance 12000 and ending balance as 0?
This account was closed and money went back to the checking account or transferred to another Investment account..

i have plenty of account like this so with every account the end balance would become 0?

Thanks


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## ForeignBody (Oct 20, 2011)

FilingLate said:


> Question from the pros
> 
> If i have an investment account open and closed in 2009
> High balance 12000
> ...


You only report the maximum account value for that calendar year, not the ending balance.


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## BBCWatcher (Dec 28, 2012)

Are you thinking of FATCA (IRS Form 8938)?


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## FilingLate (Mar 18, 2014)

BBCWatcher said:


> Are you thinking of FATCA (IRS Form 8938)?


No so if i have a GIC 12000 for 3 months mature and renewed same year
should i put high balance as 12000+interest and then ending balance as 0 as the security matured and was transferred to either checking account or another GIC?

If i started putting high balance i might have 20 GICs the account instead of showing 50k might show 500K?


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## Nononymous (Jul 12, 2011)

Did you not see the earlier reply? You report only maximum balances, not ending balances. 



FilingLate said:


> If i started putting high balance i might have 20 GICs the account instead of showing 50k might show 500K?


Yes. So what? It's a reporting requirement. You're not being taxed on it. 

I could have $10,000 and move it from one account to another every business day in a calendar year. Total would then be $3 million. That's what I'd report.


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## Bevdeforges (Nov 16, 2007)

Where are you finding any request for a "minimum" or "ending" balance? 

There is certainly no such request on the FBAR form. And I just finished filling out a form 8938 for a friend and found no such question/request/line on that form. 

Can you give us a form and line number?
Cheers,
Bev


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## FilingLate (Mar 18, 2014)

Sorry the form was provided by my tax attorney it was his form.
I think from their he will type in the information on the fbar.
My accountant's form has the following
Account # / holder (s)
Institution and Account Type 
Bank address 
Max Value
Year End Balance

Is this not whats on the Fbar form?
Thanks Bev


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## BBCWatcher (Dec 28, 2012)

That was my suspicion. Some tax accountants have generic survey forms to collect information from clients, and their generic form might ask more than a particular government does.


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## FilingLate (Mar 18, 2014)

BBC i think you are correct.
I am still waiting for my paper do you guys think i should just file my own Fbar instead of letting the CPA file it?


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## Nononymous (Jul 12, 2011)

FBAR forms are relatively simple (or so I'm told) and unless you have vastly complex holdings there's no reason to pay a lawyer to type them up for you. 

However, in your case, I think it's a psychological issue. I don't mean to sound cruel, but you give the impression that you are extremely nervous, doubt your own abilities, and have little confidence in your decisions; consequently you will have nightmares worrying that you've made a mistake that will cost you vast sums. So perhaps it's better to spend the money and have a lawyer make these very simple and straightforward filings for you. Assuming of course that you trust the lawyer, and don't have nightmares worrying that they've made a mistake that will cost you vast sums. (Sorry.)


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## Bevdeforges (Nov 16, 2007)

I'm with Nononymous - plus, it's entirely possible that at this point you already owe the attorney his or her fee, even if you decide to file on your own. If it makes you feel better, let the attorney do the filing. Though, for future reference, it really isn't necessary. (Unless, of course, you have the kind and level of assets that will require further FATCA forms with your income taxes.)
Cheers,
Bev


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## FilingLate (Mar 18, 2014)

No need to say sorry Nonomous i have massive OCD.
6 years ago i was driving a friends car and he didnt had insurance so i was suppose to go to the court simple you might think for 2 weeks i was under the impression that i will end up in jail because he didnt had insurance i spend a few hundred bucks just to get reassurance from a lawyer that its not my fault if the other person did not had insurance.

I am reading a book on how to overcome your OCD it might take some times before i think i can achieve some level of success.

Back to this, i have a accountant now who will file this i have already made up my mind that money comes and goes i just want to end this chapter and move on with my life.


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