FBAR question

The law reads a person, small business, corporation with an account over $10,000 US in a foreign bank, investment company, etc. has to file a FBAR form by Jun 30 of the next year. My question is how is a married couple with a joint account viewed. Is it $10,000 for the both or $10,000 each person?  
Thanks
Bill

Are both names on the account? its 10k per person but if both names are on the account then both names would appear on the fbar

The Postman wrote:The law reads a person, small business, corporation with an account over $10,000 US in a foreign bank, investment company, etc. has to file a FBAR form by Jun 30 of the next year. My question is how is a married couple with a joint account viewed. Is it $10,000 for the both or $10,000 each person?  
Thanks
Bill

One small correction. It's not ''an account over $10,000 US'', it's the aggregate of all accounts that total over $10,000 US. So if you have 5 accounts each with $2,100 US, you have to file the FBAR. And starting this year, it has to be filed online.

Thanks for the info. We have both our names on the bank accounts and we have managed to keep the daily total under $20000 but over $10000 the entire year. My understanding now is we don't have to file because we each get a minimum $10000 for a total of $20000 as a couple.
Thanks for the help.
Bill

When you have a question about dealing with the IRS and the interpretation of their rules, wouldn't it be better to get some expert advice (as in a US tax professional)?

Yeah, the IRS is not likely to say, "Oh, someone on a web board told you that you did not have to file? Okay then. You meant well. Case dismissed."

CheenaGringo wrote:When you have a question about dealing with the IRS and the interpretation of their rules, wouldn't it be better to get some expert advice (as in a US tax professional)?

Would it not save you money and make your life less stressful, (there by living longer) by investing your fortune in becoming a Canadian retiree and getting almost free universal medical insurance, and free in home care....Eh

Lady Otter Latté wrote:Yeah, the IRS is not likely to say, "Oh, someone on a web board told you that you did not have to file? Okay then. You meant well. Case dismissed."

Your signature would be good enough for Canadian tax, if you think(to the best of your ability) what you state above is true.

The U.S.A. has FBAR - Canada has FUBAR

arbon wrote:

Would it not save you money and make your life less stressful, (there by living longer) by investing your fortune in becoming a Canadian retiree and getting almost free universal medical insurance, and free in home care....Eh

Having to live in Canada seems like pretty high price to pay just to get free medical insurance.IMO

viajero wrote:

arbon wrote:

Would it not save you money and make your life less stressful, (there by living longer) by investing your fortune in becoming a Canadian retiree and getting almost free universal medical insurance, and free in home care....Eh

Having to live in Canada seems like pretty high price to pay just to get free medical insurance.IMO

¿Where did you get the idea that you have a fortune or have to live in Canada?

arbon wrote: Would it not save you money and make your life less stressful, (there by living longer) by investing your fortune in becoming a Canadian retiree and getting almost free universal medical insurance, and free in home care....Eh

That WOULD cost a fortune. Canada abolished the retirement category in 1996, and recently abolished the 'investor' category - which involved investing $800,000 for 5 years, interest free. Over 500 people were left 'hanging', in process, with no idea with what, or when, the government is going to come up with something new.

CHILLIN wrote:

arbon wrote: Would it not save you money and make your life less stressful, (there by living longer) by investing your fortune in becoming a Canadian retiree and getting almost free universal medical insurance, and free in home care....Eh

That WOULD cost a fortune. Canada abolished the retirement category in 1996, and recently abolished the 'investor' category - which involved investing $800,000 for 5 years, interest free. Over 500 people were left 'hanging', in process, with no idea with what, or when, the  government is going to come up with something new.

I'm only talking about the top 1% of Americans ( not those Asian multi-millionaires) that have enough money and influence, to have off shore money stashed.

They can get in on the Canadian entrepreneurial program, and start a laundry.

The difference is that if you are bailing outof your country and go to live abroad you still have to pay taxes. No?

I would say that depends on your circumstances, tax bracket and just where you continue to earn money?

The Postman wrote:Thanks for the info. We have both our names on the bank accounts and we have managed to keep the daily total under $20000 but over $10000 the entire year. My understanding now is we don't have to file because we each get a minimum $10000 for a total of $20000 as a couple.
Thanks for the help.
Bill

With all due respect I believe you are mistaken. Talk to a pro. Or just file why risk it. Its any easy form.

Who Must File an FBAR
United States persons are required to file an FBAR if:
The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.

CheenaGringo wrote:When you have a question about dealing with the IRS and the interpretation of their rules, wouldn't it be better to get some expert advice (as in a US tax professional)?

It would be good if we got the right agency. FBAR is a Treasury Department form not an IRS form. Taxpayer bill of rights does not apply to the FBAR form but would apply to a IRS form. Also this year you must file electronically for the first time for this Treasury Department Form. No snail mail for this form anymore.

Z

I stand corrected.

CheenaGringo wrote:I stand corrected.

No big deal at all. Just important as Treasury forms are like export forms if you do them wrong you can go to jail. The Treasury department has no sense of humor.

Z

Zedinmexico wrote:

CheenaGringo wrote:I stand corrected.

No big deal at all.  Just important as Treasury forms are like export forms if you do them wrong you can go to jail. The Treasury department has no sense of humor.

Z

The Treasury department has no sense of humor...  

 

U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 10 May 2014 at 02:02:54 PM GMT is:

$ 1 7 , 4 7 6 , 0 6 1 , 6 9 4 , 0 1 1 . 5 4


The estimated population of the United States is 318,190,796
so each citizen's share of this debt is $54,923.22.

The National Debt has continued to increase an average of
$2.40 billion per day since September 30, 2012!

Maybe they are hoping when it hits $999,999,999,999,999.99 it rolls back to 0 like an old Chevy's speedometer.......jajaja.

Can someone explain to me why Canadians would be interested in a thread about FBAR rules and what information they would have to offer as far as subject is concerned anyway?

PS;Mods,nice job cleaning up after pedro's blundering on the subject last night,you saved him some embarrassment.

Probably for the same reason that you pipe in on many subjects that don't really concern you. Pure amusement. I deleted a lot more than Pedro's stuff.......

CanuckBob wrote:Probably for the same reason that you pipe in on many subjects that don't really concern you. Pure amusement. I deleted a lot more than Pedro's stuff.......

Fair enough.Carry on.

Jajaja....... I am sure they will.