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Post by The Postman on Thu May 08, 2014 10:25 am

The law reads a person, small business, corporation with an account over $10,000 US in a foreign bank, investment company, etc. has to file a FBAR form by Jun 30 of the next year. My question is how is a married couple with a joint account viewed. Is it $10,000 for the both or $10,000 each person?  
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Post by techy1 on Thu May 08, 2014 10:40 am

Are both names on the account? its 10k per person but if both names are on the account then both names would appear on the fbar

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Post by casi nada on Fri May 09, 2014 9:59 am

The Postman wrote:The law reads a person, small business, corporation with an account over $10,000 US in a foreign bank, investment company, etc. has to file a FBAR form by Jun 30 of the next year. My question is how is a married couple with a joint account viewed. Is it $10,000 for the both or $10,000 each person?  
Thanks
Bill

One small correction. It's not ''an account over $10,000 US'', it's the aggregate of all accounts that total over $10,000 US. So if you have 5 accounts each with $2,100 US, you have to file the FBAR. And starting this year, it has to be filed online.

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Post by The Postman on Fri May 09, 2014 12:37 pm

Thanks for the info. We have both our names on the bank accounts and we have managed to keep the daily total under $20000 but over $10000 the entire year. My understanding now is we don't have to file because we each get a minimum $10000 for a total of $20000 as a couple.
Thanks for the help.
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Post by CheenaGringo on Fri May 09, 2014 12:57 pm

When you have a question about dealing with the IRS and the interpretation of their rules, wouldn't it be better to get some expert advice (as in a US tax professional)?

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Post by Lady Otter Latté on Fri May 09, 2014 1:19 pm

Yeah, the IRS is not likely to say, "Oh, someone on a web board told you that you did not have to file? Okay then. You meant well. Case dismissed."
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Post by arbon on Fri May 09, 2014 1:22 pm

CheenaGringo wrote:When you have a question about dealing with the IRS and the interpretation of their rules, wouldn't it be better to get some expert advice (as in a US tax professional)?

Would it not save you money and make your life less stressful, (there by living longer) by investing your fortune in becoming a Canadian retiree and getting almost free universal medical insurance, and free in home care....Eh
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Post by arbon on Fri May 09, 2014 1:29 pm

Lady Otter Latté wrote:Yeah, the IRS is not likely to say, "Oh, someone on a web board told you that you did not have to file? Okay then. You meant well. Case dismissed."

Your signature would be good enough for Canadian tax, if you think(to the best of your ability) what you state above is true.

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Post by CHILLIN on Fri May 09, 2014 1:34 pm

The U.S.A. has FBAR - Canada has FUBAR

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Post by viajero on Fri May 09, 2014 2:12 pm

arbon wrote:

Would it not save you money and make your life less stressful, (there by living longer) by investing your fortune in becoming a Canadian retiree and getting almost free universal medical insurance, and free in home care....Eh
Having to live in Canada seems like pretty high price to pay just to get free medical insurance.IMO

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Post by arbon on Fri May 09, 2014 2:31 pm

viajero wrote:
arbon wrote:

Would it not save you money and make your life less stressful, (there by living longer) by investing your fortune in becoming a Canadian retiree and getting almost free universal medical insurance, and free in home care....Eh
Having to live in Canada seems like pretty high price to pay just to get free medical insurance.IMO

¿Where did you get the idea that you have a fortune or have to live in Canada?



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Post by CHILLIN on Fri May 09, 2014 2:51 pm

arbon wrote: Would it not save you money and make your life less stressful, (there by living longer) by investing your fortune in becoming a Canadian retiree and getting almost free universal medical insurance, and free in home care....Eh

That WOULD cost a fortune. Canada abolished the retirement category in 1996, and recently abolished the 'investor' category - which involved investing $800,000 for 5 years, interest free. Over 500 people were left 'hanging', in process, with no idea with what, or when, the government is going to come up with something new.
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Post by arbon on Fri May 09, 2014 7:10 pm

CHILLIN wrote:
arbon wrote: Would it not save you money and make your life less stressful, (there by living longer) by investing your fortune in becoming a Canadian retiree and getting almost free universal medical insurance, and free in home care....Eh

That WOULD cost a fortune. Canada abolished the retirement category in 1996, and recently abolished the 'investor' category - which involved investing $800,000 for 5 years, interest free. Over 500 people were left 'hanging', in process, with no idea with what, or when, the  government is going to come up with something new.

I'm only talking about the top 1% of Americans ( not those Asian multi-millionaires) that have enough money and influence, to have off shore money stashed.

They can get in on the Canadian entrepreneurial program, and start a laundry.
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Post by brigitte on Fri May 09, 2014 7:33 pm

The difference is that if you are bailing outof your country and go to live abroad you still have to pay taxes. No?

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Post by CheenaGringo on Fri May 09, 2014 7:38 pm

I would say that depends on your circumstances, tax bracket and just where you continue to earn money?

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Post by techy1 on Sat May 10, 2014 2:29 am

The Postman wrote:Thanks for the info. We have both our names on the bank accounts and we have managed to keep the daily total under $20000 but over $10000 the entire year. My understanding now is we don't have to file because we each get a minimum $10000 for a total of $20000 as a couple.
Thanks for the help.
Bill

With all due respect I believe you are mistaken. Talk to a pro. Or just file why risk it. Its any easy form.

Who Must File an FBAR
United States persons are required to file an FBAR if:
The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.

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Post by Zedinmexico on Sat May 10, 2014 7:44 am

CheenaGringo wrote:When you have a question about dealing with the IRS and the interpretation of their rules, wouldn't it be better to get some expert advice (as in a US tax professional)?


It would be good if we got the right agency. FBAR is a Treasury Department form not an IRS form. Taxpayer bill of rights does not apply to the FBAR form but would apply to a IRS form. Also this year you must file electronically for the first time for this Treasury Department Form. No snail mail for this form anymore.

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Post by CheenaGringo on Sat May 10, 2014 8:48 am

I stand corrected.

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Post by Zedinmexico on Sat May 10, 2014 8:52 am

CheenaGringo wrote:I stand corrected.

No big deal at all. Just important as Treasury forms are like export forms if you do them wrong you can go to jail. The Treasury department has no sense of humor.

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Post by arbon on Sat May 10, 2014 9:09 am

Zedinmexico wrote:
CheenaGringo wrote:I stand corrected.

No big deal at all.  Just important as Treasury forms are like export forms if you do them wrong you can go to jail. The Treasury department has no sense of humor.

Z

The Treasury department has no sense of humor... FBAR question 477249 

 

U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 10 May 2014 at 02:02:54 PM GMT is:

$ 1 7 , 4 7 6 , 0 6 1 , 6 9 4 , 0 1 1 . 5 4


The estimated population of the United States is 318,190,796
so each citizen's share of this debt is $54,923.22.

The National Debt has continued to increase an average of
$2.40 billion per day since September 30, 2012!

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Post by CanuckBob on Sat May 10, 2014 11:29 am

Maybe they are hoping when it hits $999,999,999,999,999.99 it rolls back to 0 like an old Chevy's speedometer.......jajaja.
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Post by viajero on Sat May 10, 2014 12:17 pm

Can someone explain to me why Canadians would be interested in a thread about FBAR rules and what information they would have to offer as far as subject is concerned anyway?

PS;Mods,nice job cleaning up after pedro's blundering on the subject last night,you saved him some embarrassment.

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Post by CanuckBob on Sat May 10, 2014 12:43 pm

Probably for the same reason that you pipe in on many subjects that don't really concern you. Pure amusement. I deleted a lot more than Pedro's stuff.......
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Post by viajero on Sat May 10, 2014 12:51 pm

CanuckBob wrote:Probably for the same reason that you pipe in on many subjects that don't really concern you. Pure amusement. I deleted a lot more than Pedro's stuff.......
Fair enough.Carry on.

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Post by CanuckBob on Sat May 10, 2014 1:16 pm

Jajaja....... I am sure they will.

 Beer 
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