FATCA ?????

HI All,   I would really appreciate any answers to this question. I'm an American married to a British. I'm a stay at home mom and have never worked in the UK. WE have just taking some equity out of the house which he bought before we were married to do some refurbishments. That money was placed in a joint account so I can sign checks to pay workers buy furniture and fittings for the house. I have now received a letter from Barclays stating they are required to furnish me with said letter in regards to FATCA which requires me to fill out forms for tax purposes in the US. Am I really required to pay taxes on money we taken from the house to fix it up? Anyone else dealt with this?

Thanks for any advice offered

No; you do not owe tax on money deposited in a joint account. The balance (converted into US dollars using the official US Treasury exchange rate on 31 December 2016) will, however, naturally feature on the FBAR that you will file with the US Treasury by 18 April 2017.

An FBAR is not a tax return.

You'll have to file FBAR and FATCA informational forms if the accounts go over the thresholds. Also you will have to pay US tax on any interest that you might get on the account.....although I imagine that is either zero or close to it.

Thank you. I appreciate the responses. After I fill in the forms online am I required to file tax returns in April? I haven't filed any US tax returns since living in UK and not working.

Hi Sabina - you are only required to file a tax return if you have income above the Married Filing Separate filing threshold: https://www.irs.gov/uac/do-i-need-to-file-a-tax-return?_ga=1.236919683.389601453.1473240189