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FINCEN 114

Technical topics regarding tax preparation.
#1
zl28  
Posts:
1231
Joined:
22-Apr-2014 10:27pm
Location:
usa
IF WIFE has 6k in foreign bank accounts

and husband has -0- in foreign bank accounts
but has signature power on a bank account with 20k in foreign currency

do they need to file fincen?
 

#2
sjrcpa  
Posts:
2791
Joined:
23-Apr-2014 5:27pm
Location:
Maryland
He does
 

#3
zl28  
Posts:
1231
Joined:
22-Apr-2014 10:27pm
Location:
usa
thank you!!
 

#4
Guya  
Posts:
757
Joined:
21-Apr-2014 8:08am
Location:
London, United Kingdom
The husband is required to file an FBAR based on the facts presented. There is no information provided as to whether either spouse has any other filing requirements with FinCEN.
PS – Greeting from London, England. We are in lockdown too.
 

#5
Jake  
Posts:
1193
Joined:
12-May-2014 3:19pm
Location:
Columbus, Ohio
Preaching to the choir, but why do we have a $10,000 reporting threshold from eons ago without any inflation adjustment. Lots of money spent on useless reporting both for individuals and the govt. Further proof that there is no intelligent life in the D of C.
 


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