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  #21  
Old 13.11.2011, 09:05
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Re: FBAR advice needed!

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Have your husband transfer funds as needed, and never over the ever diminishing USD 10k.
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So, I'd second the advice proferred above: have your own account, and keep it under $10k, and you will have no issues at all. Alternatively, have signature authority only for accounts which generate little or no interest income, and file the FBAR /and/ a tax return. (It has advantages regarding the statute of limitations; there is none if you don't file.)
Please note that the 10K rule is NOT per account, rather, it is the total value of money in ALL accounts under your name and/or where you have signatory rights.

For example: You can have two accounts, one valued at $5000, the other $6000, these would then both have to be declared on the FBAR since their total value is $11,000.

Last edited by ElJeFe; 13.11.2011 at 10:48. Reason: grammar
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  #22  
Old 19.09.2018, 19:11
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Re: FBAR advice needed!

I also have not found an answer to my own dilemma regarding the filing of an FBAR. I am both a US and a CH citizen. When I try to open a bank account I am told a requirement is to fill out an FBAR because of my US citizenship. It just so happens that I do not have $10,000 or more anywhere in the world, so wouldn’t actually signing the FBAR be under false premises? It is stated in the FBAR form that it’s purpose is to state the existence of $10,000 in my name anywhere in the world, an amout I do not have. The same holds true for my 17 year old dual citizen son who is also required to fill out such a form in order to have a youth account. I have been to a number of Swiss banks and they all are the same. Can anyone help?
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  #23  
Old 19.09.2018, 20:58
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Re: FBAR advice needed!

The requirement for a U.S. Person to file an FBAR is if the value of all non-US ("foreign") accounts combined exceed US$10,000 at any time during a year.

"If the maximum account value of a single account or aggregate of the maximum account values of multiple accounts exceeds $10,000, an FBAR must be filed. An FBAR is not required to be filed if the person did not have $10,000 of maximum value or aggregate maximum value in foreign financial accounts at any time during the calendar year."

The instructions only state that an FBAR is not required to be filed if the account value is under $10,000. The instructions do not state that it is prohibited to file an FBAR if under $10,000.

https://www.fincen.gov/sites/default...structions.pdf

FinCEN (Financial Crimes Enforcement Network), which is responsible for the FBAR, takes questions at this link:

https://www.fincen.gov/contact
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  #24  
Old 19.09.2018, 21:18
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Re: FBAR advice needed!

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It just so happens that I do not have $10,000 or more anywhere in the world, so wouldn’t actually signing the FBAR be under false premises?
No.

It is REQUIRED to fill out one if you have more than $10k agregate, but you can also fill one out if you have $0.

Tom
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  #25  
Old 19.09.2018, 21:38
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Re: FBAR advice needed!

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No.

It is REQUIRED to fill out one if you have more than $10k agregate, but you can also fill one out if you have $0.

Tom
This is correct.
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Old 19.09.2018, 21:44
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Re: FBAR advice needed!

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No.

It is REQUIRED to fill out one if you have more than $10k agregate, but you can also fill one out if you have $0.
Yup. That's the requirement from the U.S. government side.

However, it seems some Swiss banks don't understand the rules and are paranoid about the reporting requirements and potential penalties. I've heard one story where the bank wanted the person to prove (as in provide photocopies) that FBAR was filed, even though the person was not legally required to file so by Uncle Sam. Sounds like this could be Kim's situation.
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Old 19.09.2018, 22:23
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Re: FBAR advice needed!

Thank you “3 Wishes” and all other responses to my question about the FBAR. I’ve sent a message to the official link you provided and will let you know if they respond with anything that differs from what you’ve written.

The banks are over-doing it in my opinion, after all, it was because of their dirty deeds with the rich trying to hide their dough that got them into trouble with the U.S. government in the first place. And then the little people get to suffer while the big bucks have long since left for another country that will accommodate the practice of hiding and laundering cash.

Thanks again for your help!
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  #28  
Old 19.09.2018, 22:42
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Re: FBAR advice needed!

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Thank you “3 Wishes” and all other responses to my question about the FBAR. I’ve sent a message to the official link you provided and will let you know if they respond with anything that differs from what you’ve written.

The banks are over-doing it in my opinion, after all, it was because of their dirty deeds with the rich trying to hide their dough that got them into trouble with the U.S. government in the first place. And then the little people get to suffer while the big bucks have long since left for another country that will accommodate the practice of hiding and laundering cash.

Thanks again for your help!
Filling out a form (online no less) hardly constitutes cruel and unusual punishment.

Which is the path of least resistance:

A) filling out a form and providing a copy of the automated receipt?

OR

B) trying to convince a low level bank bureaucrat that he/she is wrong?


You go girl.
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  #29  
Old 20.09.2018, 16:59
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Re: FBAR advice needed!

You have to file even if you owe nothing. You should find a good accountant to help you catch up. Otherwise an fbar will certainly raise a red flag. Or maybe it won't....

Last edited by so_cal; 20.09.2018 at 17:01. Reason: Misspelling
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  #30  
Old 20.09.2018, 20:18
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Re: FBAR advice needed!

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You have to file even if you owe nothing. You should find a good accountant to help you catch up. Otherwise an fbar will certainly raise a red flag. Or maybe it won't....
The FBAR goes to a different place than tax returns....FBAR goes to treasury, separate from the IRS.
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Old 20.09.2018, 22:57
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Re: FBAR advice needed!

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You have to file even if you owe nothing. You should find a good accountant to help you catch up. Otherwise an fbar will certainly raise a red flag. Or maybe it won't....
What do you mean by file? 1040? FBAR?

You are only required to file the FBAR if the aggregate value of your non-US accounts is greater than $10K at any point in the year.

The sage advice that I received when I was a postdoc was that regardless of income, you should be filing annual 1040 tax forms. Even if you don't owe any tax, by filing you have effectively demonstrated this fact to the IRS. This means that they won't come after you for non-payment of whatever they imagine you might owe. And should either your domicile or your income change in the future, you won't have to explain the gap and find the records to prove it.

Also failure to pay promptly comes with some hefty fines and interest. And those thresholds, including alternative minimum tax, have a habit of sneaking up on you when your income is in a foreign currency.
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  #32  
Old 20.09.2018, 23:10
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Re: FBAR advice needed!

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Filling out a form (online no less) hardly constitutes cruel and unusual punishment.

Which is the path of least resistance:

A) filling out a form and providing a copy of the automated receipt?

OR

B) trying to convince a low level bank bureaucrat that he/she is wrong?


You go girl.
To be fair, when you file the FBAR, you have to access the FinCEN website. Wanna know what that stands for?

Financial Crimes Enforcement Network

Yup, you have to file on a financial crimes website even if you haven't committed one. That's the sucky part. Also the USA doesn't even tax wealth so I am not sure what the point is. The super rich will still find ways to hide their money, while the little people get to push paper around and try to find a bank just to handle day-to-day life.

Tom's choice of renouncing sure looks good sometimes!
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