Tax Facts

972 / Are there any exceptions to the FBAR filing requirements?



It is not always necessary to file a separate FBAR for each and every foreign financial account. If all of the taxpayer’s foreign financial accounts are listed on a consolidated FBAR, additional FBAR filings will not be required.Similarly, taxpayers who have authorized a spouse to file FBARs with respect to jointly owned foreign assets will not be required to file an additional FBAR. The spousal exception applies regardless of filing status. However, this spousal exception does not apply if either spouse owns a separate foreign account (regardless of value).1

Note that there is no specified exception for foreign financial accounts that are owned by minor children.






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

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