FBAR headache

[dalox303 2]

On 1/27/2022 at 10:05 PM, Wuozopo said:

Correct.

 

Sorry I can’t answer that one. When I filed late it was a long time ago, on a paper form, and they didn’t ask. I don’t even know what their choices are on today’s FBAR. Maybe somebody else will help with that one.

You seem to be wise on this topic, so heres another question. My wife has bank accounts from when she was younger, theyre “sleeping” accounts which simply means theyre not active, but not closed. They were from such a long time ago she does not remember the account numbers and would only have access to that info if she goes back to her home country and asks in person. Is it worth sweating this, or is it advisable for her to just put the accounts she has information for? I understand that if she did get audited for some crazy reason her having accounts that were reported doesnt look good and would probably result in a penalty, but she honestly doesnt remember them can they be omitted without any issues?

[Wuozopo 4,293]

@dalox303

 

i don’t fully understand her situation or your question. She has $50k plus some additional “sleeping” accounts for the FBAR?  You know the law. You will have to assess your own risk tolerance in deciding to ignore the law. 
 

FBAR is not part of a tax return, nor would be audited by the IRS. It’s an informational report that costs you nothing in taxation. You’ll have to make your own decision.