A taxpayer has a bank account in the Cayman Islands. Assuming this is the taxpayer”s only foreign account, which is the correct threshold for FBAR reporting the account to the Treasury?
a. Incorrect. $1,500 of interest income is the threshold for having to complete Schedule B of Form 1040.
b. Incorrect. An account value of more than $1,500 does not trigger FBAR reporting.
c. Incorrect. The threshold for filing is not based on interest, regardless of amount.
d. Correct. If the account value is more than $10,000, FBAR reporting is required.
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