one spouse has 2 foreign bank accounts under 10k in total
husband has foreign bank account 20k in it during 2018
do both have to file? or just the husband?
A United States person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report:
a financial interest in or signature or other authority over at least one financial account located outside the United States if
the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
You don’t need to file an FBAR for the calendar year if:
All your foreign financial accounts are reported on a consolidated FBAR.
All your foreign financial accounts are jointly-owned with your spouse and:
You completed and signed FinCEN Form 114a authorizing your spouse to file on your behalf, and your spouse reports the jointly-owned accounts on a timely-filed, signed FBAR.
Note: Income tax filing status, such as married-filing-jointly and married-filing-separately has no effect on your qualification for this exception.
Users browsing this forum: aerotax, Google [Bot], Google Adsense [Bot], GRobCPA, JoJoCPA, JR1, MilesR, Nilodop, RiversideCPA, zl28 and 196 guests