Joint account with Parent, file on FBAR

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
adw
Posts: 14
Joined: Wed Feb 06, 2019 12:04 am

Joint account with Parent, file on FBAR

Post by adw »

Question about the FBAR, there was a two-week period of time in 2018 where my mother made me a joint owner of her savings account (she had some medical issues and wanted me to handle her finances). Realizing my intention to immigrate, we decided to take my name off her account after two weeks.

Would this need to be reported on the FBAR?

Thank you in advance!
adw
Posts: 14
Joined: Wed Feb 06, 2019 12:04 am

Re: Joint account with Parent, file on FBAR

Post by adw »

I should mention that this account is in Canada. It is her savings account and I never made any contributions.

The aggregate value of all my accounts exceeds the 10,000 USD threshold and I plan to file the FBAR. Just wondering specifically what to do with this one joint account.

Thanks
adw
Posts: 14
Joined: Wed Feb 06, 2019 12:04 am

Re: Joint account with Parent, file on FBAR

Post by adw »

And sorry, I would make edits to my post instead of adding to posts if I can figure out how to do so...

I should also mention that she is a Canadian citizen and have no affiliation with US and therefore will not be filing taxes to the IRS.
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Joint account with Parent, file on FBAR

Post by nelsona »

If you are filing an FBAR for 2018, and this and other foreign account values require you to file FBAR, then, yes, you need to include this account.
For 2019, you will not have to.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
eriquee
Posts: 5
Joined: Sat Feb 23, 2019 7:27 pm

Re: Joint account with Parent, file on FBAR

Post by eriquee »

On the FBAR form, there is a section for JOINT accounts.

Don't file the account as sole ownership, put it on joint ownership.
Post Reply