Do I need to file paperwork for having over $10,000 in a Thailand bank account as a US citizen?

FBAR filing U.S. tax requirements foreign bank accounts expat financial obligations Thailand banking regulations

Dec 23, 2024

a month ago

ORIGINAL POSTER

Now that I've had over $10,000 in a Thailand bank for the last four months I am assuming that I will be required to file the paperwork the United States government requires in this situation. Has anybody found a reasonablely priced local agent to complete this paperwork?

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TLDR : Answer Summary

An expat in Thailand inquires about the necessity of filing U.S. government paperwork after maintaining over $10,000 in a Thai bank account for four months. The discussion reveals that filing an FBAR (Report of Foreign Bank and Financial Accounts) is required if an expat has ownership of a foreign account that exceeded $10,000 at any point during the year. Participants in the conversation suggest that the process is straightforward and can be completed online, typically requiring minimal time and effort.

Craig ********

it's dead simple to fill out the single page form yourself

25 days ago

Jack ********

Takes about 10 minutes to do yourself

25 days ago

Bob **********

It’s a FBAR easily done online

a month ago

Graham ******

You want a Thai to file a US tax document on your behalf, good luck with that

a month ago

Jim ********

Google is free:

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a month ago

Marty *********

Look for the FBAR website online. You can easily file it yourself. It only takes a couple of minutes. You need to have a yearlong bank statement and find the largest balance over $10,000 during the year. That is the number you will enter into the FBAR online form. I’ve done it myself for 7 years.

a month ago

Mark *********

ORIGINAL POSTER

@Marty ********

thank you so much Marty. I love to do stuff like this myself

a month ago

กาเลน *****

@Marty ********

I think you also have this choice, if you do not know the maximum value of the account for the year being filed. (X - Maximum account value unknown). May be an option if statements are not available.

a month ago

Marty *********

@กาเลน ****

Thai banks will provide a statement. I just got a year statement from Bangkok Bank a couple of days ago.

a month ago

Reply to

Marty *********

Greg ***********

You are to file a FBAR if you have ownership (full or part owner) of a foreign account that has had $10,000 balance at any time during the year. It's a simple form required by the Treasury Dept. I beleive.

a month ago

David **********

@Greg **********

It’s a total of $10,000 anywhere outside the USA. If you have 5 accounts in different countries totaling $10,000 or more you need to file.

I’m not there yet but it appears the filing is going to be simple. Do a little homework. Why spend money on an agent, when you don’t have to.

Plus think of everything you’ll learn. Then again if you’re hands off have your account do it.

a month ago

Reply to

David **********

John ********

Why would you need to do that??

a month ago

Mark *********

ORIGINAL POSTER

@John *******

I like to be in compliance with the United States government as they tend to be a bit thorny when you don't comply with their directives.

a month ago

Peter ********