FBAR
#1
Forum Regular
Thread Starter
Joined: Nov 2015
Location: Pittsburgh
Posts: 110
FBAR
Quick question
Moved to US on 31st March 2016 on an L2. I had sold my house in January so for a short time had that cash in my UK account. I also had an ISA over £10k but sold all assets before I moved over. So does FBAR need doing if all assets were transferred to my US account before I moved? The wording I see says AT ANY TIME DURING THE YEAR so I'm thinking I'm going to need to do it.
Thanks
Moved to US on 31st March 2016 on an L2. I had sold my house in January so for a short time had that cash in my UK account. I also had an ISA over £10k but sold all assets before I moved over. So does FBAR need doing if all assets were transferred to my US account before I moved? The wording I see says AT ANY TIME DURING THE YEAR so I'm thinking I'm going to need to do it.
Thanks
#2
Re: FBAR
1 second in your account = you must file.
Remember once FBAR is triggered for one (or through a combination of accounts) you must disclose ALL accounts no matter how much is in them.
Remember once FBAR is triggered for one (or through a combination of accounts) you must disclose ALL accounts no matter how much is in them.
#3
Forum Regular
Thread Starter
Joined: Nov 2015
Location: Pittsburgh
Posts: 110
Re: FBAR
Including pension pots?
#6
Re: FBAR
I had a savings account in 2016 that had a total of £0 throughout the year. Still needs to be declared.
#9
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
#10
Re: FBAR
If he's filing dual status, surely he only counts as a US person when he is a US taxpayer, and not before he moves to the US?
#12
Re: FBAR
It appears the PDF form is the same as last year. So you can just update the pdf from last year and resubmit. I had issues in the past, but it eventually went. Has anyone used the new online form?
The biggest issue I have with FBAR is that with an active bank account, it is sometimes difficult to establish the highest balance throughout the year, with income coming in one day and bills going out the next or same day.
I am not sure how accurate that balance has to be. I use moneydashboard.
With a defined benefit pension, would it be fair to say I do have a financial interest but no signature authority?
I certainly will benefit financially from the account one day, I hope.
The biggest issue I have with FBAR is that with an active bank account, it is sometimes difficult to establish the highest balance throughout the year, with income coming in one day and bills going out the next or same day.
I am not sure how accurate that balance has to be. I use moneydashboard.
With a defined benefit pension, would it be fair to say I do have a financial interest but no signature authority?
I certainly will benefit financially from the account one day, I hope.
Last edited by mrken30; Feb 7th 2017 at 5:41 pm.
#13
BE Enthusiast
Joined: Nov 2012
Posts: 902
Re: FBAR
It appears the PDF form is the same as last year. So you can just update the pdf from last year and resubmit. I had issues in the past, but it eventually went. Has anyone used the new online form?
The biggest issue I have with FBAR is that with an active bank account, it is sometimes difficult to establish the highest balance throughout the year, with income coming in one day and bills going out the next or same day.
I am not sure how accurate that balance has to be. I use moneydashboard.
With a defined benefit pension, would it be fair to say I do have a financial interest but no signature authority?
I certainly will benefit financially from the account one day, I hope.
The biggest issue I have with FBAR is that with an active bank account, it is sometimes difficult to establish the highest balance throughout the year, with income coming in one day and bills going out the next or same day.
I am not sure how accurate that balance has to be. I use moneydashboard.
With a defined benefit pension, would it be fair to say I do have a financial interest but no signature authority?
I certainly will benefit financially from the account one day, I hope.
#14
Re: FBAR
I'm sure your checking account goes up and down a lot.
The question on FBAR asks "Do you have a financial interest in the account?" Any account where you benefit financially from, I would have thought falls into this category.
I know it has been generally accepted DB pensions do not need to be reported.
Last edited by mrken30; Feb 7th 2017 at 7:00 pm.
#15
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: FBAR
The definition of financial interest includes: the United States person is the owner of record or holder of legal title. That is not you if you have a DB pension.