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FBAR reporting: how to report fund investments made at a local foreign bank

Personal Finance & Money Asked by Lena Miller on April 18, 2021

I have some investments in Bradesco in Brazil and need to report them on FBARS. However, I’m not sure how this is done for two reasons. 1) These investments all go through my main Brazilian checking account first… and are then invested by me online into various types of funds that I can move around as I like (which can be confusing for reporting).

However, all funds are all handled by Bradesco and can all be tied to just the one checking account. So can I just report my one checking account? Or do I need to report each investment separately (stocks, fixed income, Certificate of Bank Deposits, exchange rate funds).

The second question relates to maximum value reporting. I don’t have a maximum value for each investment fund, but I do have a maximum for my checking account. Since all investments at some point left and entered this account, can I just report the maximum for my checking account?

One Answer

You report each 'account', not each investment. Look for your account numbers, likely one for checking and one for investing. I would be surprised if each of your funds were a separate account. You'll need to find the maximum value for each 'account' having an account number.

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

You must keep records for each account you must report on an FBAR that establish:

  • Name on the account,
  • Account number,
  • Name and address of the foreign bank,
  • Type of account, and
  • Maximum value during the year.

Answered by Orange Coast- reinstate Monica on April 18, 2021

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