Hi,
Question about GIC accrued interest and maximum account value on FBAR.
Should accrued interest in a non-registered GIC account be included in the maximum account value on an FBAR?
For example, consider a $20,000 GIC purchased on 9/1/2023, maturing 8/31/2024 (simple interest, paid at maturity).
If, on December 31, the "balance" in the GIC is $20,000, but there is accrued interest of $250 as of 12/31/2023, is the maximum account value $20,000 or $20,250 for the FBAR?
Thanks in advance!
GIC Accrued Interest and FBAR Maximum Account Value
Moderator: Mark T Serbinski CA CPA
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- Posts: 1
- Joined: Thu Feb 08, 2024 1:18 pm
Re: GIC Accrued Interest and FBAR Maximum Account Value
Put $20,259. It really is immaterial.
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