In 2016 I transferred more than 10k to my father's account in India. I do not have signing authority on that account.Should i file an FBAR ?

[ChristinaS · Accepted solution]

No- Not if you don't have signing authority or financial interest in that account or other accounts totally $10k USD equivalent or more. You wouldn't report an account that you have no part in, even if you provided money to its owner.

Are you a co-owner on any level? If its simply your father's account, its not your account.

There are forms you complete at the bank when you wire large amounts of money, but this would not trigger an FBar. An Fbar requires a degree of financial interest or signing power.

See FAQ #1 in link directly below:

From IRS- Is there an FBAR filing requirement when the money transmitter wires funds to a foreign bank account or has a business relationship with someone located in a foreign country?

Answer: No. Merely wiring funds to a foreign bank account or having a business relationship with someone located in a foreign country does not create an FBAR filing requirement.

https://www.irs.gov/irm/part4/irm_04-026-016.html

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-a...

[GO_TAX]

Dear Tax Experts,
I have the similar situation. Last year I sent about $17,000 to my family (15K to brother and ~2K to a friend) account. This amount never deposited to my own account. Also, all amounts were sent in parts e.g. $1000 or $2500 (depending upon my saving). Further, this amount was used by my family/friend for home repair or personal use.

As you mentioned:
1. I do not have a financial interest in my Brother's account or signature authority.
2. I have an account overseas but it has less than $400 amount and I am not using this account since 2 years.

Please let me know if I need to file FBAR in my situation. Many thanks for your time and advise!

[ChristinaS]

To file an Fbar, you personally must be tied to 10k or more in foreign accounts. $400 isn't close, so I don't see how you'd need to file if the other accounts aren't yours on any level.