Tax Facts

975 / What records are required to be kept by taxpayers subject to FBAR filing requirements?

Taxpayers are required to maintain records of foreign financial accounts subject to FBAR filing requirements for at least five years.1 Those records should include: (1) the name in which the account is held, (2) the account number or other designations, (3) the name and address of the foreign bank or other person with whom such account is maintained, (4) the type of account, and (5) the maximum value of each account during the relevant reporting period.





1     31 CFR ¶ 1010.420.

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