I added a comment/question on someone else's thread regarding this matter.
I have bounced back and forth on this issue with my Accountant(s) and they seem to feel that PayPal does not go on FBAR or 8938.
With my trust diminishing on a daily basis on the information provided by these Firms that I am forced to go to because they have an EIN or PTIN number.....can someone give some clear and concise direction on this?
Here is my understanding, and feel free to tell me i am wrong;
Paypal account is connected directly to my savings account. Savings account has been listed on FBAR.
My Paypal account is used for purchase only and therefore never contains a postitve balance.
Paypal is a US based company (?)....i think they were bought out by ebay...so does this not negate the classification as a foreign account?
I am hoping Nelsona will chime in on this...but if a PayPal account has to go on FBAR then it is reasonable to assume it has to go on 8938 as well.
If so...then why do we not place our credit card on FBAR/8938 as well?? as it seems to my Paypal is nothing more than a purchasing tool (for me anyway) as would be a credit card.
Looking for a definitive answer on PayPal on FBAR
Moderator: Mark T Serbinski CA CPA
As I already answered in another thread. Paypal is a US-based firm. Theaccounts they offer with Cdn dollars does not make them foreign. Paypal has no offices in Canada that I know of.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best