fbar for beneficial interest in trust

Rainb · Post by **Rainb** » Mon Jun 30, 2014 5:39 am

Hi,

My understanding of the fbar rules is that you only have to report a trust if you qualify as having a financial interst in it, which is defined as a present beneficial interest of more than 50%, or being entitled to more then 50% of the trusts proceeds that year. So, even if I am otherwise filing an fbar, I don't include any accounts for which I don't have a "financial interest".

Can someone correct me if I am wrong?

I have one trust account in which I may have a beneficial interest of more than 50% - i plan to include this on my fbar. Does anyone know where this goes on the online form? I never owned the trust, so i don't see how it fits under "owned separately" or "owned jointly" and I believe I read that the consolidated report is for corporations and such - not individual filers.

Can anyone help?

nelsona · Post by **nelsona** » Mon Jun 30, 2014 9:55 am

For FinCEN, you need to report ANY signing authority, not just financial interest.

Rainb · Post by **Rainb** » Mon Jun 30, 2014 11:47 am

I don't have signing authority over the accounts, just a financial interest. In most of them it is 50% exactly (which I think is non-reportable), but for one it may be more.