Filing the FBAR (Foreign Bank Accounts Reporting)

By: Pete
Date posted: 06.04.2012 (5:00 am) | Write a Comment  (0 Comments)

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Today, I sat down to actually prepare my FBAR reports. The first step of course was gathering all of my financial statements. Then, I had to verify what the highest amount of assets that I had owned in foreign accounts was in order to fix according those numbers. Luckily for me, in 2011, that was easy to do since my wife and I did buy a house so our highest level of assets was just before that purchase went through.

Specified in the instructions for the FBAR is the fact that using month end statements is a reasonable way to determine which date to use. In my case, the date is the end of May 2011. So I gathered all of my brokerage and bank accounts from the end of May and prepared to file. Compared to filing tax forms such as form 1040, the FBAR s relatively simple to file once you do have the information. Here is a basic video regarding the FBAR:

In my next post, I will describe exactly how I filled out the FBAR:)

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