FBAR child's foreign account
 

I live in the US and have a 17 year old child who lives in the UK and is NOT a US resident or citizen. Last year he opened his first bank account in his own name. I do NOT have any signature authority over his account but am confused as to whether or not I am required to report it on my FBAR?

Re: FBAR child's foreign account
 

Unless you have some connection to the account off the top of my head I wouldn't report it.

Re: FBAR child's foreign account
 

He opened it at the same bank I have my UK account. The bank sent me a letter addressed to him with his customer name, address, DOB and country of residence. I didn't even know he'd opened an account there until I got this letter. Was wondering about reporting it as it seems you have to report every tiny damn thing and he is under 18.

Re: FBAR child's foreign account
 

I would look into why you got the letter.

Re: FBAR child's foreign account
 

Letter said: Dear Mr. ****** In line with tax compliance regulations, we need to check that the details you've recently provided have been recorded correctly.

Re: FBAR child's foreign account
 

You do not have ownership, signature or custody of the account. It is not reportable.


The bank has its own obligations to report or not report under FATCA, but these are not relevant to you.

Re: FBAR child's foreign account
 

That is what I thought/think too but I am double checking! Thanks so much for replying, much appreciated.

Re: FBAR child's foreign account
 

The banks work off a checklist of what may indicate requirements to file under FBAR regulations. Doesn't mean you have to report. If you have no signatory authority on the account ( and never did) seems bank is just working of the checklist. This happened to my Aunt with a building society account she had. She had never even visited America, but her sister started receiving mail for her own account in America- since sister had power of attorney for sister in UK, bank sent information request to both. It was sorted out, but trying to explain to a 95 year old woman why the American government interested in her savings account did require some patience.

Re: FBAR child's foreign account
 

I am confused. Who was the letter to?

I'm assuming "******" would be the same for you and your son?

Quite simply the bank should not be writing to you about an account you have no connection with. You say you didn't know about it, so how can they talk about "details you've recently provided"? If you didn't provide them, the bank has no business writing to you about the account. I suggest this is a cock-up at the bank. Feels like they have erroneously linked the accounts of two similarly named people.

Re: FBAR child's foreign account
 

This has happened to myself and my son on more than one occasion at banks where we both have accounts.

Re: FBAR child's foreign account
 

I agree. I would get this corrected, otherwise it looks like the account will be incorrectly linked to the OP.

That could cause problems down the line if the IRS gets to matching FBAR or FATCA info with tax returns!

Re: FBAR child's foreign account
 

The letter was addressed to my son. We have different surnames. However, I used to have a savings account for him which I closed a couple of years ago. I am going to call the bank about this.

Re: FBAR child's foreign account
 

Grrr........Just called the bank. Explained the situation to the completely CLUELESS customer service guy who said he cannot see the letter anywhere on my file and my son has to call the bank in the UK and ask them about it!

Re: FBAR child's foreign account
 

Only issue may be if you funded the account and the US tax-man thinks the money is yours.

Trusts, FBARS and tax horror
 

A hideous bombshell has just been dropped on me! Today I was told my sibling and I have 2 trusts set up by my grandparents in 2003!!! I had ZERO knowledge of this and my blood ran cold :ohmy: Because of course, these things have to be reported on tax returns FBARS etc!!! I went through severe stress after having to amend FBARS and form 8938 a while back. I am FREAKING out here...Need advice.

So basically, these 2 trusts had roughly 1800 pounds each in them until 2015 when 12,500 pounds was put in each trust. After taxes and fees were paid this left around 9,500 pounds. There was no income/interest from either. How in the hell do I go about amending this mess!? My Dad said he would get his solicitor to write and certify a letter saying I had no knowledge these trusts existed, but I don't think that will do jack shit to help. My family had no knowledge of US tax/reporting law but oh God how I wish I had known! I am petrified I will be thrown in jail or heavily penalized. I don't know where to start with sorting this mess out :cry_smile: