The Report of Foreign Bank and Financial Accounts, filed with FinCEN when the combined value of your foreign accounts exceeds $10,000 at any point in the year. Separate from the tax return, with its own penalties.
The FBAR is filed with FinCEN, not the IRS, and its penalties are separate from and larger than income tax penalties: non-willful violations can cost $10,000 per year, willful ones far more. The $10,000 threshold is the combined peak value of all foreign accounts, not each account.
Under FinCEN Notice 2020-2, a foreign account that holds only virtual currency is not reportable on the FBAR, and as of September 2026 FinCEN has not finalized the rule it said it would propose to change that. If the same foreign account also holds fiat or securities, the whole account is reportable once the $10,000 aggregate is met. US-based exchanges such as Coinbase, Kraken, and Gemini do not create FBAR accounts.
Last reviewed September 10, 2026. Tax rules change; confirm current law before acting.
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