Do I have to file an FBAR for a foreign account I closed during the year?
Yes, if a foreign account you closed during the year contributed to the $10,000 aggregate threshold at any point, you must report it on that year’s FBAR. Report the maximum balance that the account held during the year before closure, along with the account number, institution, and address.
How to report a closed account:
- Check the “Account Closed” box on the FBAR account detail
- Report the maximum balance reached before closure
- Identify the account fully: institution, country, account number
- The last year of reporting is the year of closure
When the closure happened:
| Closure timing | Reporting effect |
| January | Report once; maximum pre-closure balance |
| Mid-year | Report once; maximum balance during the year |
| December 31 | Report in the closure year; not required next year |
What if the closed account is your only foreign account:
- Still file if that one account ever exceeded $10,000 in the year
- Future years: No FBAR if no other foreign accounts open
Record keeping:
- Keep statements for 5 years after filing
- Transfer documentation if funds were moved to a U.S. or a different foreign account
- Institution closure letter, if available
For FBAR help, see our FBAR Reporting Guide.
Last updated on April 29, 2026
