Joint bank accounts

Hello!

Wondering if anyone has feedback on joint bank accounts as a US citizen here with your UK spouse. 

When we moved here three years ago, my husband and I kept our new UK accounts separate because he was giving up his US green card and we wanted to create as clean a cut as possible for tax reasons, however we’re now feeling like we need ‘household’ finances and are considering a joint checking account.

The thing I can’t remember is if there was actually a (US) tax reason to keep our UK checking accounts separate. I do report all financial accounts including checking in my FBAR every year, but I’m pretty sure the tax concerns only lay with interest bearing accounts…? Anyone have any advice?

As the GC is being given up; i'd keep things separate until the 8854 is filed and final tax return submitted. FinCEN 114 is about sole name accounts, joint accounts, signatory authority, pension plans, insurance contracts with surrender values ect. As it's not a tax form, it's irrelevant if the account(s) are income earning for reporting. You'd also need to look at the 8938 if thresholds are meet. This if by far a more complex form with deeper catchment.

Thank you @Barcrest !

The green card was given up three years ago and the final forms filed that year, so we are well beyond that point, and it is only me that files. Maybe that’s the only reason we kept it separate at the time, after three years you can see why I can’t quite recall.

If we open a joint account, it would be our only current joint financial asset. I’ve not met the threshold for 8398 yet, but don’t know how that will change when our foreign finances are more commingled.

 FBAR joint account reporting is likely if you met that threshold.