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Topic: Part-year FBAR  (Read 1239 times)

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Part-year FBAR
« on: September 24, 2015, 10:49:20 PM »
The following appears on FBAR forms:
   This report is for calendar year ended 12/31 xxxx.

I'll need to file a part-year FBAR for 2015 due to my renunciation today – is it necessary to indicate that it’s not for the full year?

Or it it advisable to include the whole year even though non-US persons don't have to file?


Re: Part-year FBAR
« Reply #1 on: September 25, 2015, 09:20:44 AM »
Good question, the answer to which I too would like to know.  There's a discussion at http://isaacbrocksociety.ca/expat_tax/comment-page-92/ with some reports of what various people have done.


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Re: Part-year FBAR
« Reply #2 on: September 25, 2015, 09:24:20 AM »
As the FBAR comes into play if you go over the $10,000 for even one day, I would have thought that it doesn't matter whether you fall under it for the full year or not.
Arrived as student 9/2003; Renewed student visa 9/2006; Applied for HSMP approval 1/2008; HSMP approved 3/2008; Tier 1 General FLR received 4/2008; FLR(M) Unmarried partner approved (in-person) 27/8/2009; ILR granted at in-person PEO appointment 1/8/2011; Applied for citizenship at Edinburgh NCS 31/10/2011; Citizenship approval received 4/2/2012
FINALLY A CITIZEN! 29/2/2012


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Re: Part-year FBAR
« Reply #3 on: September 25, 2015, 01:17:18 PM »
The IRS states that FBARs have to be completed only by US Persons. The assumption is that someone is a US Person for the entire calendar year - there are no references to partial years.

After reading through the comments in the above link (thanks iota), it seems the decision on how to report is left up to you (or your accountant if you have one).

For me, it makes sense to only include balances up to my renunciation date since I can't be considered to be a US Person after that date. I'll also avoid opening any new accounts until 2016.


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Re: Part-year FBAR
« Reply #4 on: September 25, 2015, 06:49:36 PM »
I've just found this good link which nicely illustrates the confusion surrounding this issue:
http://hodgen.com/fbar-filing-in-the-year-of-expatriation/

Phil Hodgen's advice is to provide the account information for the full year regardless of your expatriation date.
« Last Edit: September 25, 2015, 06:58:13 PM by charmaine »


Re: Part-year FBAR
« Reply #5 on: September 25, 2015, 08:17:12 PM »
Thanks for the link.


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