r2i forum

FBAR requirement requires that a person with aggregate foreign accounts > $10,000 in value file form 90.221. How is the aggregate computed?
For e.g. if a person has a foreign loan account, will the loan's balance (which happens to be negative) be also included in the aggregate calculations? E.g. for a particular year, if the interest-bearing income accounts total maximum aggregate be $15,000 and the loan account's maximum balance be -$100,000 will the negative loan account balance wipe out the +ve aggregate balance, and will this grant an exception to the filer from filing an FBAR?

In this particular case, all the foreign accounts (including interest-bearing income accounts and loan accounts) are not only located within the same country but also within the same bank.

pat999;384372FBAR requirement requires that a person with aggregate foreign accounts > $10,000 in value file form 90.221. How is the aggregate computed?
For e.g. if a person has a foreign loan account, will the loan's balance (which happens to be negative) be also included in the aggregate calculations? E.g. for a particular year, if the interest-bearing income accounts total maximum aggregate be $15,000 and the loan account's maximum balance be -$100,000 will the negative loan account balance wipe out the +ve aggregate balance, and will this grant an exception to the filer from filing an FBAR?

In this particular case, all the foreign accounts (including interest-bearing income accounts and loan accounts) are not only located within the same country but also within the same bank.

File an FBAR just to be safe. Penalties for not filing are just too serious.