Joint Accounts in Canada 8938

acker2010 · Post by **acker2010** » Wed Mar 06, 2013 1:24 pm

Do I need to report the Interest or Dividents earned on joint accounts on form 8938 that is held in Canada? The other joint account holder my mother reports it on her Canadian return. I'm only on the account for security reasons only.

Thank You Eh!

nelsona · Post by **nelsona** » Wed Mar 06, 2013 1:38 pm

The real question is whether you should be reporting the income on 1040. If yes, then it must be included on 8938 (which is not a income report, but an account report).

If none of the assets are attributable to you, then none of the income should be reported by you on 8938 and 1040. You would merely report the existence of the account on 8938, as well as fbar.

acker2010 · Post by **acker2010** » Wed Mar 06, 2013 2:06 pm

FBARs can they be amended 6yrs back without any penalty. All tax was paid
on all accounts held in Canada?

nelsona · Post by **nelsona** » Wed Mar 06, 2013 3:02 pm

I'll let someone who has gone thru that answer