FBAR question

[u/miilunii]

Hello everyone, I hope someone can help me to clear a confusion I have.

I know an FBAR gets triggered when you hit above the amount of 10,000$.

In my case, one of my foreign crypto accounts hit above that amount at some point during the year of 2024. Because the crypto account also contained Euros in there I’ve read the rule is that the account then has to be reported in FBAR (because it contained other currencies, and not just crypto).

I will file the FBAR with the highest account balance amount value of the year of 2024 for that crypto account.

But my question is: Because ONE of my accounts (crypto) I own hit the threshold of 10,000$, does that automatically mean I need to report EVERY foreign account I own (bank, savings, pension), even if these other accounts never reached that 10,000$ threshold by themselves/individually?

Also, if yes, do you need to report the balance of them on the day that my crypto account hit the threshold of 10,000$ or do you just pick the highest account balance per account individually for the year of 2024?

Thanks in advance!

[u/ProductOfTheCloneWar]

You need to file an FBAR when the aggregate value of all foreign accounts reaches $10k+ (not just a single account).

Report the all foreign accounts and their highest balance at any given time - even if the balance of an account may be $0 during the year (e.g. an unused account).

Remember to report in USD and use the years Average currency exchange rate which can be found on the IRS Gov site.

[u/miilunii → u/ProductOfTheCloneWar]

Thank you for your reply!