FBAR Reportable Or Not?
#16
BE Forum Addict
Joined: Apr 2011
Location: The Shire
Posts: 1,117
Re: FBAR Reportable Or Not?
Wishing you the best results with how you decide to proceed on the matter, and let us know if you do find out more. Most interesting.
#18
Just Joined
Joined: Nov 2013
Posts: 17
Re: FBAR Reportable Or Not?
Oh, and while some of you are sorting out their 2017 year end FBAR, note that despite the form being the same 'version' with the same 'effective from' date, the form is different to previous years - they've added an 'entity' check box on the joint accounts. The electronic submission will spit any old version back at you (which is a pity if your accounts haven't changed from last year)!
Although generally simple to complete, there are annoying oddities, like with the addresses where 'United Kingdom' becomes 'GB' (which we all know is incorrect since it should be GB+NI), and of course the USofA appears at the top of the alphabetical list of countries... .
Although generally simple to complete, there are annoying oddities, like with the addresses where 'United Kingdom' becomes 'GB' (which we all know is incorrect since it should be GB+NI), and of course the USofA appears at the top of the alphabetical list of countries... .
#19
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,128
Re: FBAR Reportable Or Not?
Oh, and while some of you are sorting out their 2017 year end FBAR, note that despite the form being the same 'version' with the same 'effective from' date, the form is different to previous years - they've added an 'entity' check box on the joint accounts. The electronic submission will spit any old version back at you (which is a pity if your accounts haven't changed from last year)!
Although generally simple to complete, there are annoying oddities, like with the addresses where 'United Kingdom' becomes 'GB' (which we all know is incorrect since it should be GB+NI), and of course the USofA appears at the top of the alphabetical list of countries... .
Although generally simple to complete, there are annoying oddities, like with the addresses where 'United Kingdom' becomes 'GB' (which we all know is incorrect since it should be GB+NI), and of course the USofA appears at the top of the alphabetical list of countries... .
#20
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,133
Re: FBAR Reportable Or Not?
At least they gave us a warning up front that previous versions could not be used.
#21
Just Joined
Thread Starter
Joined: Feb 2018
Posts: 15
Re: FBAR Reportable Or Not?
Hi Everyone,
Back again with an update on some more info I have received.
Got some more advice and the answer was no. The reason given was, because a foreign estate is considered a foreign entity, you do not have to report any foreign entity account(s) unless you have an interest in more than 50% of the assets, which I definitely did not.
I have read over the instructions for the FBAR and it does indeed seem to be saying this. Did a bit more reading and apparently the IRS does consider a deceased persons estate to be an entity, so......looks like I could be off the hook for the FBAR filing.
Back again with an update on some more info I have received.
Got some more advice and the answer was no. The reason given was, because a foreign estate is considered a foreign entity, you do not have to report any foreign entity account(s) unless you have an interest in more than 50% of the assets, which I definitely did not.
I have read over the instructions for the FBAR and it does indeed seem to be saying this. Did a bit more reading and apparently the IRS does consider a deceased persons estate to be an entity, so......looks like I could be off the hook for the FBAR filing.
#22
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,128
Re: FBAR Reportable Or Not?
Hi Everyone,
Back again with an update on some more info I have received.
Got some more advice and the answer was no. The reason given was, because a foreign estate is considered a foreign entity, you do not have to report any foreign entity account(s) unless you have an interest in more than 50% of the assets, which I definitely did not.
I have read over the instructions for the FBAR and it does indeed seem to be saying this. Did a bit more reading and apparently the IRS does consider a deceased persons estate to be an entity, so......looks like I could be off the hook for the FBAR filing.
Back again with an update on some more info I have received.
Got some more advice and the answer was no. The reason given was, because a foreign estate is considered a foreign entity, you do not have to report any foreign entity account(s) unless you have an interest in more than 50% of the assets, which I definitely did not.
I have read over the instructions for the FBAR and it does indeed seem to be saying this. Did a bit more reading and apparently the IRS does consider a deceased persons estate to be an entity, so......looks like I could be off the hook for the FBAR filing.