FBAR in the year of Expatriation

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Stevecanada
Posts: 24
Joined: Sun Mar 30, 2014 4:21 pm
Location: Canada

FBAR in the year of Expatriation

Post by Stevecanada »

Until May, 2019, I was a dual US/Canadian citizen and a long time resident of Canada. In May, 2019, I gave up my US citizenship (expatriated at a US consulate). So I am now just a Canadian citizen and resident, with no financial ties to the US. My first question: For 2019, should I report the highest bank balances up to the day I gave up my US citizenship on my FBAR, or should I report the highest balance for all of 2019? Second question: I opened two accounts later in 2019 (after I gave up my US citizenship) - do I have to report those accounts on my FBAR? Any help would be much appreciated.
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nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: FBAR in the year of Expatriation

Post by nelsona »

Yes. report for 2019 as if you were USC all year. Does it really matter?
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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Stevecanada
Posts: 24
Joined: Sun Mar 30, 2014 4:21 pm
Location: Canada

Re: FBAR in the year of Expatriation

Post by Stevecanada »

You are correct - its doesn't make any difference to me which way this is done. I was just trying to figure out if there was any clear direction from the IRS or U.S. Treasury on this situation. It feels kind of weird to report accounts which I opened after giving up my US citizenship, but if that is the safer / accepted way of doing this, that's what I will do. Thanks again for your help!
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