Joint account with Parent, file on FBAR

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adw
Posts: 7
Joined: Wed Feb 06, 2019 12:04 am

Joint account with Parent, file on FBAR

Post by adw » Tue Feb 12, 2019 5:36 pm

Question about the FBAR, there was a two-week period of time in 2018 where my mother made me a joint owner of her savings account (she had some medical issues and wanted me to handle her finances). Realizing my intention to immigrate, we decided to take my name off her account after two weeks.

Would this need to be reported on the FBAR?

Thank you in advance!

adw
Posts: 7
Joined: Wed Feb 06, 2019 12:04 am

Re: Joint account with Parent, file on FBAR

Post by adw » Tue Feb 12, 2019 5:43 pm

I should mention that this account is in Canada. It is her savings account and I never made any contributions.

The aggregate value of all my accounts exceeds the 10,000 USD threshold and I plan to file the FBAR. Just wondering specifically what to do with this one joint account.

Thanks

adw
Posts: 7
Joined: Wed Feb 06, 2019 12:04 am

Re: Joint account with Parent, file on FBAR

Post by adw » Tue Feb 12, 2019 5:46 pm

And sorry, I would make edits to my post instead of adding to posts if I can figure out how to do so...

I should also mention that she is a Canadian citizen and have no affiliation with US and therefore will not be filing taxes to the IRS.

nelsona
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Re: Joint account with Parent, file on FBAR

Post by nelsona » Fri Feb 22, 2019 12:31 pm

If you are filing an FBAR for 2018, and this and other foreign account values require you to file FBAR, then, yes, you need to include this account.
For 2019, you will not have to.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

eriquee
Posts: 5
Joined: Sat Feb 23, 2019 7:27 pm

Re: Joint account with Parent, file on FBAR

Post by eriquee » Tue Feb 26, 2019 12:12 am

On the FBAR form, there is a section for JOINT accounts.

Don't file the account as sole ownership, put it on joint ownership.

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