How should gold in online account be classified for Fincen?
Moderator: Mark T Serbinski CA CPA
How should gold in online account be classified for Fincen?
I've got an account with an online company (www.bullionvault.com) where I'm registered with a non US address.
This site allows you to buy/hold/sell gold, at any point my account may hold a certain amount of gold and a certain amount of cash.
Just wondering how this should be reported on a FinCen form. Its not a bank, so I guess I'll choose the "Other" for it, but then how should that be further described?
This site allows you to buy/hold/sell gold, at any point my account may hold a certain amount of gold and a certain amount of cash.
Just wondering how this should be reported on a FinCen form. Its not a bank, so I guess I'll choose the "Other" for it, but then how should that be further described?
Thanks but is an investment firm considered a Bank or Securities for the form?
When you say never choose other, do you mean specifically for this case, or in general when using the FinCen form?
Last year I had my FinCen prepared by a cross-border accountancy firm and they classified some UK pension accounts as Other. Is that correct?
When you say never choose other, do you mean specifically for this case, or in general when using the FinCen form?
Last year I had my FinCen prepared by a cross-border accountancy firm and they classified some UK pension accounts as Other. Is that correct?
The fact that the account is an RRSP doesn't define what TYPE of account it is. If it is held at a broker or a mutual fund firm, it is a securities account, if it is held at a bank (in cash or gics) it is a bank account.
It is rarely other.
It is rarely other.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Thank you
"Bullionvault is simply a foreign investment firm based in London."
On FinCen there are only the 3 choices or Bank/Securities/Other. You indicated Other should not be chosen for Bullionvault, and its not a Bank, therefore presumably an investment firm is a security, and that is what Bullionvault should be classified as?
"Bullionvault is simply a foreign investment firm based in London."
On FinCen there are only the 3 choices or Bank/Securities/Other. You indicated Other should not be chosen for Bullionvault, and its not a Bank, therefore presumably an investment firm is a security, and that is what Bullionvault should be classified as?
As to your UK pension accounts:
Do you control these accounts? If not then it should not be on FBAR. It would fall under FATCA, perhaps.
If you do control it, then you would know what type of holdings it has, and would choose between bank and securities.
Do you control these accounts? If not then it should not be on FBAR. It would fall under FATCA, perhaps.
If you do control it, then you would know what type of holdings it has, and would choose between bank and securities.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
I said CONTROL, not manage.
Obviously you don't manage the funds within your RRSP. Same at a bank, they take your money and invest it as they wish.
However, you do control whether you put money in, and when you take money out. That is control, and the RRSP account is clearly a securities account.
Let's not make this hard people.
Obviously you don't manage the funds within your RRSP. Same at a bank, they take your money and invest it as they wish.
However, you do control whether you put money in, and when you take money out. That is control, and the RRSP account is clearly a securities account.
Let's not make this hard people.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
If an RRSP has been incorrectly listed as "other" when it should have been listed as "securities", going forward to next years FBAR filing would it be ok to simply change it to the correct category of securities? Would you need to go back and file amended FBAR reports to correct the previous few years or, leave those be and carry on correctly next year?