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    lalji's Avatar
    lalji Posts: 81, Reputation: 2
    Junior Member
    		  
    #1

    Oct 7, 2017, 08:53 PM
    FBAR
    Hello

    Please advise if I need to report account balance of an account that I closed in 2016. Also please advise on the exchange rate that is applicable to convert foreign balances to USD. Thanks.
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
    Uber Member
    		  
    #2

    Oct 8, 2017, 04:25 AM
    Exchange rates vary daily. You have to figure that out on your own.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Oct 8, 2017, 08:50 AM
    YES, you must report the highest balance of the account closed in 2016.

    For FBAR, you use the exchange rate on 31 December 2016.

    You can find the exchange rate at the link below:

    https://www.irs.gov/businesses/small...exchange-rates
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