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Topic: FBAR - how many years back?  (Read 2196 times)

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FBAR - how many years back?
« on: June 13, 2012, 09:53:25 PM »
I just heard about FBAR a few months ago :-[
I understand that I only need to file for the years in which I have had over $10,000 in bank accounts but how many years do I need to go back?

Thanks.



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Re: FBAR - how many years back?
« Reply #1 on: June 14, 2012, 04:44:03 AM »
There's no need to file past 6 years ago. See here, scroll down to section 5.

http://www.irs.gov/newsroom/article/0,,id=250788,00.html


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Re: FBAR - how many years back?
« Reply #2 on: June 14, 2012, 10:44:08 PM »
Thanks.  Do you think my excuse of pure ignorance will be accepted in the statement I provide?

Am I the only person who has just heard about it this year?  I've been here since 2003 and I've never heard of it before!


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Re: FBAR - how many years back?
« Reply #3 on: June 15, 2012, 03:09:26 AM »
Thanks.  Do you think my excuse of pure ignorance will be accepted in the statement I provide?

Am I the only person who has just heard about it this year?  I've been here since 2003 and I've never heard of it before!

Ignorance isn't an excuse unfortunately. Anyway the info/question about FBAR is on the Schedule B so it's pretty hard to miss. Be honest, get in compliance and maybe talk to a professional if you are worried.


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Re: FBAR - how many years back?
« Reply #4 on: June 16, 2012, 11:05:54 AM »
Whether you send them in without any explanation or something along the lines of "sorry I didn't know about this", the most likely outcome is nothing. A Detroiter will enter your forms into the system and nothing will happen - not even an acknowledgement.


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Re: FBAR - how many years back?
« Reply #5 on: June 24, 2012, 05:31:09 PM »
Thanks for your replies.  I've never filed Schedule B either.   :o


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