Do You Need to File an FBAR?

If you are a U.S. person and the combined value of your foreign financial accounts exceeded $10,000 at any time during the year, you must file an FBAR (FinCEN Form 114).

This rule applies even if the balance was over $10,000 for just one day.

Who Must File?

You must file if:

• You are a U.S. citizen, green card holder, or U.S. tax resident, and

• Your total foreign accounts combined exceeded $10,000.

This includes bank accounts, investment accounts, certain pensions, and joint accounts.

👉 If your child’s foreign accounts exceed $10,000, they must file a separate FBAR as well.

FBAR Deadline

The deadline is April 15.

There is an automatic extension to October 15, but I generally recommend filing by April 15 and getting it done.

How to File

FBARs are filed online through the Financial Crimes Enforcement Network (FinCEN) website:

https://bsaefiling.fincen.gov/file/fbar

To convert foreign balances into U.S. dollars, I typically use the yearly exchange rates published by the Internal Revenue Service (IRS):

https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates

Do You Need to Pay Someone to File?

Many accountants and tax lawyers charge $100–$250 to file an FBAR. This is a waste on money in my opinion as it’s a simple online form that you can complete yourself in a short amount of time and submit directly on the website.

If you have questions about personal finances, cross-border finances, or moving to France, reach out at mybestmoneylife@gmail.com or book a consultation here:
https://www.mybestmoneylife.com/book-an-appointment

Disclaimer

This article is for educational and informational purposes only and does not constitute tax, legal, or financial advice. Every situation is different. You should consult a qualified tax or financial professional regarding your specific circumstances.