Question regarding FATCA (8938) for US citizens with foreign bank
#16
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Joined: Apr 2011
Location: The Shire
Posts: 1,117
Re: Question regarding FATCA (8938) for US citizens with foreign bank
If I understand your situation correctly, you have an joint account with a 'Foreign Person' (even if it's your mother). In this case, you have to declare the full value of the account on Form 8938. You have to report an account of $170K.
Last edited by theOAP; Jan 29th 2012 at 9:49 am.
#17
Re: Question regarding FATCA (8938) for US citizens with foreign bank
That is your opinion and I may not agree with it, but I respect your opinion. The whole purpose here is to help others and this is specifically for concerns regarding people "Moving Back to the UK". Although it is disappointed as I expected a more responsible reply from someone who supposedly has a title of a "Moderator". Thank you.
Because returning to the UK makes no difference to the requirements or not as anyone resident in the US, USC's and LPR's would be required to file if eligible regardless, so you'd have more luck finding the info you wanted. This also still has nothing what so ever to do with UK taxes and the moving to the UK also happens to be irrelevant to your question.
#18
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Joined: Apr 2011
Location: The Shire
Posts: 1,117
Re: Question regarding FATCA (8938) for US citizens with foreign bank
The 10 O'clock news has gone and past, it's bedy bye time, so before anyone asks the inevitable question:
The $100k threshold is for spouses (each holding an interest in the joint account). It does not include Foreign Persons who are not filing a joint return with you. (8938 Instructions - page 2, column 3, bottom - Joint interests.) There is no example for your situation. The final reading is on page 4, column 3, "Interests in jointly owned assets".
Also, page 5, column 3, "Other joint ownership".
The $100k threshold is for spouses (each holding an interest in the joint account). It does not include Foreign Persons who are not filing a joint return with you. (8938 Instructions - page 2, column 3, bottom - Joint interests.) There is no example for your situation. The final reading is on page 4, column 3, "Interests in jointly owned assets".
Also, page 5, column 3, "Other joint ownership".
Last edited by theOAP; Jan 29th 2012 at 10:24 am.
#19
Account Closed
Joined: Aug 2002
Location: Kentucky
Posts: 38,865
Re: Question regarding FATCA (8938) for US citizens with foreign bank
BTW, he doesn't "supposedly" have the title of moderator... he actually has that title.
Ian
#20
Re: Question regarding FATCA (8938) for US citizens with foreign bank
Respectfully, you proceed from a false assumption. You'd do well to learn the difference between someone who is a moderator who posts in an official capacity, and someone who is a moderator who posts as a member.
BTW, he doesn't "supposedly" have the title of moderator... he actually has that title.
Ian
BTW, he doesn't "supposedly" have the title of moderator... he actually has that title.
Ian
#21
Re: Question regarding FATCA (8938) for US citizens with foreign bank
I pointed you in the right direction though, where you'd be able to best search out info.
Because returning to the UK makes no difference to the requirements or not as anyone resident in the US, USC's and LPR's would be required to file if eligible regardless, so you'd have more luck finding the info you wanted. This also still has nothing what so ever to do with UK taxes and the moving to the UK also happens to be irrelevant to your question.
Because returning to the UK makes no difference to the requirements or not as anyone resident in the US, USC's and LPR's would be required to file if eligible regardless, so you'd have more luck finding the info you wanted. This also still has nothing what so ever to do with UK taxes and the moving to the UK also happens to be irrelevant to your question.
Like Jerseygirl stated, I am sure you are a great guy but your response did upset me as I was expecting a more understanding response. I will however add I may have misunderstood your tone and if I did then I apologize.
I acknowledge any efforts from you to help me out. Best wishes.
Last edited by manny1980; Jan 29th 2012 at 12:09 pm.
#22
Re: Question regarding FATCA (8938) for US citizens with foreign bank
I am sorry but I did not find your response very friendly and this is how I felt when you responded to my query. I don't believe my question had, as you stated, "Bugger all" to do with the UK forum. There are some discussions on FBAR and FATCA on "Moving to the UK" forum and that was the main reason why I asked there as I will be moving to the UK in a few months.
Good luck and I'll not bother to help in the future
#23
Re: Question regarding FATCA (8938) for US citizens with foreign bank
The way I read it, if you have signing authority over an account (albeit a joint account) with 170k in it, you'll have to file the FATCA because it is over the 100k limit applied to you for married filing jointly here. I don't think the IRS will accept that you only have authority over 85k of it (unless you have some written restriction confirming that your control is restricted).
But, if I were you, I'd call the IRS helpline. I've had reason to call them a few times over the last few years with both business and personal queries, and have always found them to be extremely helpful and professional.
But, if I were you, I'd call the IRS helpline. I've had reason to call them a few times over the last few years with both business and personal queries, and have always found them to be extremely helpful and professional.