FBAR FUN

Getting a bit confused.

We need to file the FBAR...

My wife has one foreign bank account owned separately.

I have one foreign bank account owned separately.

We have two foreign bank accounts owned jointly.

Do we each file FBAR separately and both list our joint accounts?

Thanking the forum in advance.

Hello

For your FBAR's, your wife would file and report 3 accounts (her personal account and the two joint accounts). You would also file an FBAR and report three accounts (your personal and the two joint accounts).

Also, you would both report the maximum balance of the accounts (not 50% of the maximum balance), even though it technically would be reporting double the amount of the account.

Hope this helps!

Hello

For your FBAR's, your wife would file and report 3 accounts (her personal account and the two joint accounts). You would also file an FBAR and report three accounts (your personal and the two joint accounts).

Also, you would both report the maximum balance of the accounts (not 50% of the maximum balance), even though it technically would be reporting double the amount of the account.

Hope this helps!

This assumes that they are both US Persons.

Yes, we are both US citizens.

Thank you Greenbacktax!

No longer confused