Solved: Is FBAR required for any of the following?
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New Member

Is FBAR required for any of the following?

An 8839 or 3520 isn't required. Would FBAR be applicable for the following situations?

Scenario 1: I am one of the joint account holders for an Indian bank account. The balance has been less than $1,000.
We recently sold a property, my father passed and I get my share of the income as an heir. The total income is in a different bank account held by my mother (that a different account and my name is not on that account). 
As the income is not currently held in the joint account, I have the following options:
1) Get the money deposited into my US bank account.
2) Get the money deposited into the Indian bank account.
3) Make no changes and have the money remain in my mother’s bank account.

An FBAR is required for option II. Is there an FBAR reporting requirement for option I and III as well?

Scenario II: My mother has some Indian certificate of deposits for income she earned and she has included me as a co-owner. As I am a joint bank account holder (again, the bank account’s balance is less than $10,000 and my mother might choose to have the CD funds deposited into a different account), would this scenario require an FBAR reporting even if the CD funds aren’t tied to the joint bank account?

Scenario III: We possess another property and that is my mother’s primary residence in India. Would that require filing of an FBAR even if the bank account’s balance never exceeded $10,000?

The property generated rental income but I didn’t receive any share from it. Should any rental income generated by the property be reported on Schedule E?

Thanks!


1 Best answer

Accepted Solutions
Level 1

Is FBAR required for any of the following?

First, there is never an FBAR requirement in the account is not over $10,000 USD.

For scenario 1, assuming the income from the property exceeds $10,000 USD, only option 2 requires a FBAR filing

Scenario 2, you are required to file a FBAR as co-owner if the CD funds are deposited into the joint account. As long as they remain outside your control, they are not subject to FBAR.

Scenario 3: Property does not require a FBAR and again, doesn't need to be reported if under $10,000 USD

You only need to report foreign rental income if you receive proceeds or contribute to the expenses if the property is showing a loss.

For more information, follow this link: FBAR Filing

View solution in original post

3 Replies
Level 1

Is FBAR required for any of the following?

First, there is never an FBAR requirement in the account is not over $10,000 USD.

For scenario 1, assuming the income from the property exceeds $10,000 USD, only option 2 requires a FBAR filing

Scenario 2, you are required to file a FBAR as co-owner if the CD funds are deposited into the joint account. As long as they remain outside your control, they are not subject to FBAR.

Scenario 3: Property does not require a FBAR and again, doesn't need to be reported if under $10,000 USD

You only need to report foreign rental income if you receive proceeds or contribute to the expenses if the property is showing a loss.

For more information, follow this link: FBAR Filing

View solution in original post

New Member

Is FBAR required for any of the following?

Thanks so much, greatly appreciate it!
New Member

Is FBAR required for any of the following?

Just a quick clarification, could you please answer another question I have? I have posted it as a new question and waiting for a response. The link is <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4752986-clarifications-on-schedule-d-interest-reporting-8938-and-3...>

Thanks a lot!
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