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posted Jun 5, 2019 5:32:32 PM

I have a joint bank account with a non US citizen in India. Do I have to report interest income from that account?

I am the non beneficial owner of the account.  That is, the other account holder makes all deposits and withdrawals into / from the account. I have not conducted any transactions with that account, nor do I plan to do so.

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Level 2
Jun 5, 2019 5:32:34 PM

The interest income belongs to the other person. You do need to answer the Schedule B question that you have signature authority over a foreign acount. If the balance in that account was US$10,000 or more at any time during 2016, you need to file FinCen 114 to report it.

1 Replies
Level 2
Jun 5, 2019 5:32:34 PM

The interest income belongs to the other person. You do need to answer the Schedule B question that you have signature authority over a foreign acount. If the balance in that account was US$10,000 or more at any time during 2016, you need to file FinCen 114 to report it.