Hi
I and my wife are non-resident aliens. In March 2018, I opened a bank account in India (worth ~$14700). Does this need to be reported this year itself on FBAR or next year (April 15, 2019)?
Apparently, my wife had a bank account which is worth ~$35,000 but this was not reported in the previous year. As she was not operating the account (her uncle in India is the custodian of the gift account set for her over a decade back), we were not aware of the actual value of the account. What options we have to file the FBAR for my wife for last year and the previous years (I am going to talk to the uncle to find more details on when the account was opened etc.). If I find that tax was not paid in previous years, what options do we have? As apparently, the account had been open for over a decade (I believe), I am concerned about the tax implications. I want to make sure that I fix this issue ASAP. Your assistance is highly appreciated.
