My mother lives in a South Asian country i just found out that she has a Foriegn currency account their and my name is listed on the account I don't know if its listed as joint or Beneficiary.
I have asked her to check this but i have made no contribution to this account and she's not a US Citizen.
Just wondering if i have any obligation to report this account?
Thanks
Question for offshore account
Moderator: Mark T Serbinski CA CPA
If your tax home is now the US, you must file a 1040 on your world income (you can choose to do so by treaty right if you are a Canadian, even if your tax home is still Canada). And if that is the case, and your total financial assets outside the US at any time in 2013 exceeded $10,000, you must file an FBAR for 2013. Finally, if you are ** only ** a beneficiary on the account in case of your mother's death, that would not trigger reporting that account on your FBAR. But if you either have any financial interest in that account (e.g., joint ownership), or signatory power (even just a general power of attorney for your mother), you must report it. (Note: if you have power of atorney for your mother, you must report ** all ** her accounts).
Have you filed a departure return for Canada?
Have you filed a departure return for Canada?
"Oops the account is althought more then 10k but the interest earned maybe be 2-20$ every year "
It does not matter what the interest is as far as the FBAR report is concerned. Of course if the interest is yours, you must report it on your 1040. But here is the sequence:
(1) If the total value of all your financial accounts (amount on deposit or invested) exceeds $10,000 at any time during the year, you must file FBAR.
(2) If you must file FBAR, you must report every account in which you either have a financial interest or have signing power, regardless of whether the balance in that account exceeds $10,000. In fact, you must report accounts even with a zero balance during the entire year, if FBAR is triggered at all. And it does not matter (for FBAR) whether the account earns anything.
It does not matter what the interest is as far as the FBAR report is concerned. Of course if the interest is yours, you must report it on your 1040. But here is the sequence:
(1) If the total value of all your financial accounts (amount on deposit or invested) exceeds $10,000 at any time during the year, you must file FBAR.
(2) If you must file FBAR, you must report every account in which you either have a financial interest or have signing power, regardless of whether the balance in that account exceeds $10,000. In fact, you must report accounts even with a zero balance during the entire year, if FBAR is triggered at all. And it does not matter (for FBAR) whether the account earns anything.