The FBAR, aka FinCEN Form 114, is the Report of Foreign Bank and Financial Accounts. It is filed by a person if the sum of the their foreign asset accounts exceeds $10,000 at any time during a calendar year. This includes bank and brokerage accounts, as well as trusts and mutual funds.
There are some exceptions – the IRS information page refers potential files to the FBAR instructions:
- Certain foreign financial accounts jointly owned by spouses
- United States persons included in a consolidated FBAR
- Correspondent/Nostro accounts
- Foreign financial accounts owned by a governmental entity
- Foreign financial accounts owned by an international financial institution
- Owners and beneficiaries of U.S. IRAs
- Participants in and beneficiaries of tax-qualified retirement plans
- Certain individuals with signature authority over, but no financial interest in, a foreign financial account
- Trust beneficiaries (but only if a U.S. person reports the account on an FBAR filed on behalf of the trust)
- Foreign financial accounts maintained on a United States military banking facility.
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