FBAR Confusion

I just called the FBAR helpline, and am somewhat more confused than when I started.  My bank accounts are joint accounts with my UK citizen husband, and the money in them is mainly from his earnings, as I am not working.  According to the person I spoke to, my husband is the principal owner of the accounts, and his information should go in Part I of the form.  He does have a SS number, as he worked in the US for several years, but he has no current tax obligation to the US.  So, is this correct - his name and info go in Part I, and my info goes in Part III, where I report the joint accounts?  I'm confused because Part III section 26, asks for the ID of the principal joint owner (my husband?).  Any help would be appreciated.

You are correct in that the current version of the FBAR asks for full details of the "principal joint owner".  This was a new phrase invented in 2008 when the form was released.  It does not seem to have any basis in law but most folks recommend complying because FBAR penalties are so fierce.

What the IRS are looking for are you reporting income on gains on your share of jointly held money as well as Form 3520 filing if he makes gifts to you over $100,000 in any single year.

Guya, thanks for the response.  But I'm still confused as to whose name should go in Part I and whose in Part III.  Also, are you saying that I should only report half of the amounts in the accounts?

Sorry - my reply was confusing...

The FBAR reports 100%.

On your income tax returns, the IRS are looking for your share of income, gains etc