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Level 1

FBAR

I am a US resident, I became an administrator of a will, the account from the deceased person was transferred into my UK account temporarily until it was dispersed accordingly.

Do I have to declare the full amount in my FBAR or can I simply deduct the amount of cash that was only in my account to administer?

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Level 7

FBAR

Here is a link to FINCEN that has more information regarding foreign financial accounts.

 

I don't know for certain, but my opinion is that you cannot subtract the amount of cash for distribution.  The money was in your account over which you had signature authority.  It is not a formal escrow account (and I am not sure that meets any exceptions).  The penalties are too great to error on the side of not filing the proper reports.  That's my two cents...

 

https://www.fincen.gov/report-foreign-bank-and-financial-accounts

 

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**

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Expert Alumni

FBAR

This question is out of scope since we do not support the filing of the FBAR but per IRS for Taxpayers with Foreign Assets, if your account exceeded the aggregate value of $10,000 at any time during the year you need to file FBAR.  

 

Report of Foreign Bank and Financial Accounts

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Highlighted
Level 7

FBAR

Here is a link to FINCEN that has more information regarding foreign financial accounts.

 

I don't know for certain, but my opinion is that you cannot subtract the amount of cash for distribution.  The money was in your account over which you had signature authority.  It is not a formal escrow account (and I am not sure that meets any exceptions).  The penalties are too great to error on the side of not filing the proper reports.  That's my two cents...

 

https://www.fincen.gov/report-foreign-bank-and-financial-accounts

 

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**

View solution in original post

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