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Level 1
posted Mar 21, 2021 6:05:42 PM

Do I need to file FBAR for foreign account only owned by me not by my spouse in a married joint tax file

Hi, 

 

Can anyone help answer whether I need to file FBAR separately in my following cases?

 

So my wife and I both have foreign bank accounts separately (not joint accounts). And for my wife's account, only she has authority (I don't have any authority) and the value is over $10000. For my account, only I have authority and the value is much less than $10000. In this case, when my wife files the FBAR, do I still need to file FBAR for my <$10000 account?

 

Thanks,

Lei

0 1 97
1 Replies
Expert Alumni
Mar 21, 2021 6:50:33 PM

A United States person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report:

  1. a financial interest in or signature or other authority over at least one financial account located outside the United States if
  2. the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

You could argue that being married to your wife gives you a financial interest in her account.  I would file an FBAR to be on the safe side.