Quote:
Originally Posted by PeterR
It's not even as simple as that. Suppose you have two UK accounts. During the year you transfer $5000 from one to the other. Because the maximum amount at any time in the one account + the maximum amount at any time in the other account
exceeds $10,000, you must file form TD F 90-22.1 (a.k.a. FBAR) and fill in the relevant line on Schedule B of Form 1040.
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If the total balance in all your overseas accounts exceeds $10,000 at any time during the year, you have to file the Treasury form. In my case, I wind up having to file all my overseas personal accounts because I have signature authority over our company account - which regularly exceeds $10,000.
It's a PITA but just one of those little "inconveniences" of US citizenship. Once you get used to it, the paperwork takes about 20 minutes a year.
Cheers,
Bev