FBAR Question

[Haydnator 274]

Hubby (UK citizen) and I just filed our joint tax return, Now we are onto filing the FBAR for him.

 

He has one UK bank account that exceeds the required amount, so he needs to file an FBAR. My question is do I also need to file one myself? I have no foreign bank accounts, but does my marriage mean we share assets? This wording is confusing us on the instructions. 

 

"Exceptions:
Certain Accounts Jointly Owned by Spouses. The spouse of an individual who files an FBAR is
not required to file a separate FBAR if the following conditions are met: (1) all the financial
accounts that the non-filing spouse is required to report are jointly owned with the filing
spouse; 2) the filing spouse reports the jointly owned accounts on a timely filed FBAR
electronically signed; and (3) the filers have completed and signed Form 114a, “Record of
Authorization to Electronically File FBAR’s” (maintained with the filers’ records). Otherwise,
both spouses are required to file separate FBARs, and each spouse must report the entire value
of the jointly owned accounts. See instructions for specific items, Part III, Items 25-33."

[Mike E 11,739]

My interpretation is that since the accounts are not jointly owned, no fbar is needed for the non owner.  
 

 

[Illiria 980]

16 minutes ago, Mike E said:

My interpretation is that since the accounts are not jointly owned, no fbar is needed for the non owner.  
 

 

I have filed FBAR and agree with this post. You only have to fill it if you are listed as joint owner on a qualifying account, so if you aren’t listed on the account then you don’t fill it in. 

 

 

[Crazy Cat 41,845]

1 hour ago, Haydnator said:

Hubby (UK citizen) and I just filed our joint tax return, Now we are onto filing the FBAR for him.

 

He has one UK bank account that exceeds the required amount, so he needs to file an FBAR. My question is do I also need to file one myself? I have no foreign bank accounts, but does my marriage mean we share assets? This wording is confusing us on the instructions. 

 

"Exceptions:
Certain Accounts Jointly Owned by Spouses. The spouse of an individual who files an FBAR is
not required to file a separate FBAR if the following conditions are met: (1) all the financial
accounts that the non-filing spouse is required to report are jointly owned with the filing
spouse; 2) the filing spouse reports the jointly owned accounts on a timely filed FBAR
electronically signed; and (3) the filers have completed and signed Form 114a, “Record of
Authorization to Electronically File FBAR’s” (maintained with the filers’ records). Otherwise,
both spouses are required to file separate FBARs, and each spouse must report the entire value
of the jointly owned accounts. See instructions for specific items, Part III, Items 25-33."

My wife has extensive foreign accounts.  Since she is the sole owner, I do not sign her FBAR....nor do I file one.  Her FBAR is completed by our very adept CPA every year.

[Wuozopo 4,293]

1 hour ago, Haydnator said:

My question is do I also need to file one myself?

 

I have filed FBAR for years on accounts solely in my name. My American wife does not file FBAR. 

[Haydnator 274]

54 minutes ago, Mike E said:

My interpretation is that since the accounts are not jointly owned, no fbar is needed for the non owner.  
 

 

 

33 minutes ago, Illiria said:

I have filed FBAR and agree with this post. You only have to fill it if you are listed as joint owner on a qualifying account, so if you aren’t listed on the account then you don’t fill it in. 

 

 

 

15 minutes ago, Lucky Cat said:

My wife has extensive foreign accounts.  Since she is the sole owner, I do not sign her FBAR....nor do I file one.  Her FBAR is completed by our very adept CPA every year.

 

12 minutes ago, Wuozopo said:

 

I have filed FBAR for years on accounts solely in my name. My American wife does not file FBAR. 

Thank you everyone!  I thought this might be the case, but wanted to make sure.