Do I have to file form 8938 if I have only signatory authority over accounts in Spain?

I moved to Spain last year and my parents who are spaniards (no US citizens and/or residents) authorized me on their accounts (signatory authority but not ownership of the accounts). I know that I am required to file the FBAR, not only for my accounts but also for the ones that I'm authorized (theirs).

My doubt is about for the form 8938. Do I need to file it with my taxes? I don't reach the threshold requirements with my foreign accounts; however, with my parents' , I do!

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1 Best answer

Level 15

Sep 9, 2020 9:50:16 AM

You do not have to file a Form 8938 for the accounts where you have a signature authority and do Not have an interest in the account. You do have to file a FBAR for the account.

Go to this IRS website for a comparison of Form 8938 and a FBAR - https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

Level 15

Sep 9, 2020 9:50:16 AM

You do not have to file a Form 8938 for the accounts where you have a signature authority and do Not have an interest in the account. You do have to file a FBAR for the account.

Go to this IRS website for a comparison of Form 8938 and a FBAR - https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

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Do I have to file form 8938 if I have only signatory authority over accounts in Spain?