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.
nelsona
Posts: 18311
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?
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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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