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Account of 'financial interest' for FBAR filing?

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  • Account of 'financial interest' for FBAR filing?

    I transferred some funds from my foreign account to my wife's foreign account to which I have no ownership, signature authority etc on.
    My question is do i need to report my wife's account on my FBAR. Does merely transferring some funds from my account to my wife's account makes me to have 'financial interest' in her account for FBAR filing. Could you please advice?

  • #2
    A United States person must file an FBAR if that person has a financial interest in or signature authority over any financial account(s) outside of the United States and the aggregate maximum value of the account(s) exceeds $10,000 at any time during the calendar year.

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    • #3
      What Lewis H said is accurate. FYI I'm adding some more stuff.
      Individuals must use Form 8938 to report specified foreign financial assets with an aggregate value greater than $50,000 at the last day of the year or more than $75,000 at any time during the tax year (this threshold doubles for married individuals filing jointly). Form 8938 is required to be filed with an individual’s annual income tax return. Individuals not required to file an annual income tax return are not required to file Form 8938.

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