Dual citizens, along with all other “United States persons”, must file a Report of Foreign Bank Accounts, also known as an FBAR, if the aggregate value of their foreign financial accounts exceeds $10,000 at any time during the year.
Can FBAR be filed jointly?
The short answer to this question is yes, you are allowed to file an FBAR jointly with your wife or husband – but only under certain circumstances. You and your spouse must each file an FBAR separately if: You have a joint foreign bank account.
What do you need to know about FBAR filing?
You may have heard of FBAR filing yet still have a vague understanding if it’s something you need to do. FBAR means Foreign Bank Account Report and it refers to FinCEN Form 114, Report of Foreign Bank and Financial Account. Requirements of FBAR filing are quite simple:
How are foreign financial accounts reported on a consolidated FBAR?
All your foreign financial accounts are reported on a consolidated FBAR. All your foreign financial accounts are jointly-owned with your spouse and: You completed and signed FinCEN Form 114a authorizing your spouse to file on your behalf, and your spouse reports the jointly-owned accounts on a timely-filed, signed FBAR.
What does FBAR stand for on FinCEN Form 114?
FBAR means Foreign Bank Account Report and it refers to FinCEN Form 114, Report of Foreign Bank and Financial Account. Requirements of FBAR filing are quite simple: You are a U.S. person for tax purposes hence U.S. citizen, dual citizen or Green Card holder living abroad;
Can a spouse report a foreign account on the same FBAR?
You may be allowed to include your spouse’s foreign financial accounts on the same FBAR if you own the accounts jointly. If you do not include your spouse name on FinCen form 144 while reporting account owned jointly, then your spouse will have to file his/her own FinCEN Form 114 and report the same accounts under her name.
