# FBAR and loan



## hanksteelbottom

Hi again,
I have what is probably a simple question, but I'm still unsure...

Simply put: 3 years ago we took out a c. $20K loan to buy a car . The money from the bank was put into our bank account. Does this have to be reported on a FBAR? I'm guessing that it does, but it seems to me that a _loan_ from the bank might not be required. 

The reason I'm asking is because of the extra paper work (digging up all that info for all accounts that long ago)...plus if I don't have to file a late FBAR, well that's good too...however I'm pretty sure I know what the answer is going to be 

Thanks in advance


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## BBCWatcher

Yes, it's reportable.


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## Bevdeforges

On the FBARs they are looking for the high balance for the year. If the money from that car loan passed through one of your bank accounts, it should be included when figuring the high balance. But, what some folks do (which is sanctioned in the instructions for the FBAR form) is simply to report the high balance off their monthly statements. There's no need to go back through daily balances in the account.

Or, make a reasonable estimate and then add $20,000 to that. It's really not necessary that the high balance you report is accurate to the penny, especially on smaller balance accounts.
Cheers,
Bev


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## hanksteelbottom

Thanks again everybody for the info...I guess I'm a mere mortal because I never think of $20,000 as "small money"


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## BBCWatcher

No, you're just not a government.


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