FBAR / FinCEN: foreign accounts
Updated: 2026
If you have bank, investment, or other financial accounts outside the United States, it is better to discuss them before filing.
What FBAR is
FBAR is a separate reporting requirement for foreign financial accounts. It is not part of Form 1040, but it may be connected to your tax situation.
A U.S. person generally has an FBAR filing requirement if the aggregate maximum value of reportable foreign financial accounts exceeded $10,000 at any time during the calendar year. The specific accounts, financial interest or signature authority, and maximum values still need separate review.
Accounts to mention
Mention bank accounts, brokerage and investment accounts, certain electronic accounts, and other foreign financial assets you had during the year.
Even if an account is old, inactive, or money was not transferred to the U.S., it is better to discuss it before filing.
Useful documents
Useful records include account statements, owner information, country, currency, opening dates, and maximum balances during the year.
If documents are in another language, it is important to identify where the account number, owner, and amounts are shown.
Why this is a separate issue
Foreign accounts and foreign income are not the same. A client may have an account without income, or income without a separate financial account.
That is why FBAR / FinCEN should be reviewed as a separate point, not only as part of the general tax return.
What to prepare
A list of documents and supporting records for credits, dependents, mileage, expenses, and foreign items.