Do I need to file FBAR for my son's regular bank account?

lanman2000 · Post by **lanman2000** » Wed May 16, 2012 12:31 pm

My son is 1 year old and has a small savings account at a canadian bank. We are US citizens but my son was born here in Canada and only has a canadian passport. We haven't done the registration of birth abroad or anything to claim his US citizenship. Also he has no social security number.

lanman2000 · Post by **lanman2000** » Wed May 16, 2012 12:32 pm

Oh.. i should have added I have signing authority on his account. So I am thinking I need to put it on MY FBAR but I don't know whether I need to file a separate FBAR under his name.

nelsona · Post by **nelsona** » Wed May 16, 2012 1:29 pm

You need to include it on your FBAR, since you have signing authrity. He is a US citizen, regardless of what steps have or have not been taken to prove this, and, if his unearned income was high enough he would need to file a return (or have his income included on yours -- the kiddie tax).

If the total of his accounts was over $10K, then he would need to also filehis own FBAR.

lanman2000 · Post by **lanman2000** » Wed May 16, 2012 1:34 pm

Great thanks again nelsona.