FBAR

Old Feb 6th 2017, 10:48 pm
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Default 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
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Old Feb 6th 2017, 11:13 pm
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Default 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.
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Old Feb 6th 2017, 11:18 pm
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Default Re: FBAR

Including pension pots?
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Old Feb 6th 2017, 11:39 pm
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Default Re: FBAR

Originally Posted by penguinsix View Post
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?
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Old Feb 6th 2017, 11:42 pm
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Default Re: FBAR

Originally Posted by audio View Post
Yes. As I have posted elsewhere even for an account holding $22 would you believe?
Oh joy!
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Old Feb 7th 2017, 2:18 am
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Default Re: FBAR

I had a savings account in 2016 that had a total of £0 throughout the year. Still needs to be declared.
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Old Feb 7th 2017, 9:52 am
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Default Re: FBAR

Originally Posted by audio View Post
Yes. As I have posted elsewhere even for an account holding $22 would you believe?
do copies of statements need to be included ?
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Old Feb 7th 2017, 11:04 am
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Default Re: FBAR

Just declare. It's not that onerous.
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Old Feb 7th 2017, 12:27 pm
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Default Re: FBAR

Originally Posted by morpeth View Post
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
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Old Feb 7th 2017, 3:54 pm
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Default Re: FBAR

Originally Posted by penguinsix View Post
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?
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Old Feb 7th 2017, 5:54 pm
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Default Re: FBAR

Originally Posted by Owen778 View Post
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.
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Old Feb 7th 2017, 6:25 pm
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Default 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.

Last edited by mrken30; Feb 7th 2017 at 6:41 pm.
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Old Feb 7th 2017, 7:13 pm
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Default Re: FBAR

Originally Posted by mrken30 View Post
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?
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Old Feb 7th 2017, 7:57 pm
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Default Re: FBAR

Originally Posted by Cook_County View Post
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 View Post
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.

Last edited by mrken30; Feb 7th 2017 at 8:00 pm.
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Old Feb 7th 2017, 8:06 pm
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Default Re: FBAR

Originally Posted by mrken30 View Post
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 View Post
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.
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