I have a trust account in Canadian bank with my kid's name as beneficiary(minor). It works as saving account for me.
In bank's web, it states trust account is not actual trust.
When fill 8938, I report it as custodial account, or other?
How to report bank trust account in 8938
Moderator: Mark T Serbinski CA CPA
Re: How to report bank trust account in 8938
Custodial. Same on your FBAR.
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Re: How to report bank trust account in 8938
The account is "my name in trust for my kid's name", balance is over 10k, below 30k USD. There's some interest income (around 50CAD) I need report.
Tried to file FBAR for myself, I can't find place to put custodial account info. Part IV is not applicable, same for Part III (joint).
In part II, I can't put text info when select "account". Please help.
Need my kid file FBAR for herself?
Tried to file FBAR for myself, I can't find place to put custodial account info. Part IV is not applicable, same for Part III (joint).
In part II, I can't put text info when select "account". Please help.
Need my kid file FBAR for herself?
Re: How to report bank trust account in 8938
You have by definition a financial interest. It is indeed part IV.
The beneficiary of the trust does not have to file FBAR if the owner has.
The beneficiary of the trust does not have to file FBAR if the owner has.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: How to report bank trust account in 8938
sorry NO financial interest. Part IV.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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Re: How to report bank trust account in 8938
Thanks for your reply.
I use this trust account as saving account, sometimes transfer money between my personal checking account.
Not sure if I can claim no financial interest.
I use this trust account as saving account, sometimes transfer money between my personal checking account.
Not sure if I can claim no financial interest.