British Expats

British Expats (https://britishexpats.com/forum/)
-   USA (https://britishexpats.com/forum/usa-57/)
-   -   FBAR (https://britishexpats.com/forum/usa-57/fbar-891229/)

boltonreddave Feb 6th 2017 10:48 pm

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

penguinsix Feb 6th 2017 11:13 pm

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.

boltonreddave Feb 6th 2017 11:18 pm

Re: FBAR
 
Including pension pots?

audio Feb 6th 2017 11:39 pm

Re: FBAR
 

Originally Posted by penguinsix (Post 12172820)
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.

Yes. As I have posted elsewhere even for an account holding $22 would you believe?:banghead:

boltonreddave Feb 6th 2017 11:42 pm

Re: FBAR
 

Originally Posted by audio (Post 12172840)
Yes. As I have posted elsewhere even for an account holding $22 would you believe?:banghead:

Oh joy!

tom169 Feb 7th 2017 2:18 am

Re: FBAR
 
I had a savings account in 2016 that had a total of £0 throughout the year. Still needs to be declared. :(

morpeth Feb 7th 2017 9:52 am

Re: FBAR
 

Originally Posted by audio (Post 12172840)
Yes. As I have posted elsewhere even for an account holding $22 would you believe?:banghead:

do copies of statements need to be included ?

carcajou Feb 7th 2017 11:04 am

Re: FBAR
 
Just declare. It's not that onerous.

MidAtlantic Feb 7th 2017 12:27 pm

Re: FBAR
 

Originally Posted by morpeth (Post 12173098)
do copies of statements need to be included ?

No. You do it here on-line:

BSA E-Filing System - Welcome to the BSA E-Filing System

Owen778 Feb 7th 2017 3:54 pm

Re: FBAR
 

Originally Posted by penguinsix (Post 12172820)
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.

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?

boltonreddave Feb 7th 2017 5:54 pm

Re: FBAR
 

Originally Posted by Owen778 (Post 12173459)
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?

That's exactly my point. Since I entered the US I have only had pennies in my UK accounts.

mrken30 Feb 7th 2017 6:25 pm

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.

Cook_County Feb 7th 2017 7:13 pm

Re: FBAR
 

Originally Posted by mrken30 (Post 12173629)
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.

Why is it difficult to establish the highest balance of a bank account? Why is a defined benefit pension reported on an FBAR?

mrken30 Feb 7th 2017 7:57 pm

Re: FBAR
 

Originally Posted by Cook_County (Post 12173687)
Why is it difficult to establish the highest balance of a bank account?

So if I have £100 going in and £20 coming,then few days later £30 goes out, few days later £200 goes in.

I'm sure your checking account goes up and down a lot.


Originally Posted by Cook_County (Post 12173687)
Why is a defined benefit pension reported on an FBAR?

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.

MidAtlantic Feb 7th 2017 8:06 pm

Re: FBAR
 

Originally Posted by mrken30 (Post 12173737)
So if I have £100 going in and £20 coming,then few days later £30 goes out, few days later £200 goes in.

I'm sure your checking account goes up and down a lot.

So you just glance through the first statement and see the highest balance, make a note of it then change it if there is a higher balance on a subsequent statement. Do that as the year goes by and you have your answer.


Originally Posted by mrken30 (Post 12173737)
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.

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.


All times are GMT. The time now is 6:47 pm.

Powered by vBulletin: ©2000 - 2021, Jelsoft Enterprises Ltd.
Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.