FBAR question

kman · #1 (**permalink**) 21st June 2012, 08:21 PM

Hi,
I have a saving account of 20,000 $ and a loan of 100,000$ do I need to fill the fbar?
The filing threshold is the value of assets of $10,000 an I am at -80,000$...

Thanks

swisspinoy · #2 (**permalink**) 22nd June 2012, 03:48 AM

You probably have to report the savings account, but not the mortgage account since it is a liability and not an asset.

kman · #3 (**permalink**) 22nd June 2012, 06:48 AM

so the total agregates only savings not loans?

Bevdeforges · #4 (**permalink**) 22nd June 2012, 06:58 AM

The FBAR only reports assets (i.e. financial accounts), not loans. So yes, you should file an FBAR for your savings account.
Cheers,
Bev

Peg · #5 (**permalink**) 2nd July 2012, 09:22 PM

Whether you have one account that is $10,001 or a bunch of acconts that add up to that you should file. Remember as well that it includes joint accounts.