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LearnFAQImmigrant & NRI Finance

How long do I have to keep records supporting my FBAR filings?

Answer

FinCEN requires you to keep records supporting each FBAR for five years from the June 30 following the calendar year reported. Those records should show the name on each account, the account number, the name and address of the foreign bank, the type of account, and the maximum value during the year. Bank statements, letters from the institution, or your own contemporaneous notes all work. If the IRS ever questions your filing, these records demonstrate you reported accurately and in good faith. Because foreign banks sometimes purge old statements, download and save year-end and peak-balance statements as you go rather than scrambling later. Store them securely alongside your tax returns, which the IRS generally suggests keeping for at least three to seven years depending on your situation.

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