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!
Joint account with Parent, file on FBAR
Moderator: Mark T Serbinski CA CPA
Re: Joint account with Parent, file on FBAR
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
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
Re: Joint account with Parent, file on FBAR
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.
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.
Re: Joint account with Parent, file on FBAR
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.
For 2019, you will not have to.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Joint account with Parent, file on FBAR
On the FBAR form, there is a section for JOINT accounts.
Don't file the account as sole ownership, put it on joint ownership.
Don't file the account as sole ownership, put it on joint ownership.