FinCEN and line of credit / mortgage

nanic · Post by **nanic** » Mon Apr 14, 2014 4:20 pm

Are line of credits or mortgages to be reported on FinCEN (FBAR). Are these considered accounts for FinCEN purposes? This is money I owe. So there is no positive value. I have not been reporting these, since these are like credit cards. You do not report the approved credit value of your credit cards on FinCEN.

nelsona · Post by **nelsona** » Tue Apr 15, 2014 12:48 pm

The position has always been that as long as these accounts were never "positive", they don't need reporting.

nanic · Post by **nanic** » Tue Apr 15, 2014 1:13 pm

Thanks Nelsona, that is what I though.

chewbacca · Post by **chewbacca** » Tue May 12, 2015 10:43 pm

Trying to be certain that I understand what you mean by "positive".

So if I have a line of credit and borrow $1,000 from it, then my belief is that is negative since I owe that money.

Then if I pay back that $1,000 but for some reason pay back $1,500 when only $1,000 is owed, then my belied is that I now have a positive balance of $500.

Correct?

nelsona · Post by **nelsona** » Wed May 13, 2015 5:21 am