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Discussion Starter · #1 ·
I and my wife(who is a dutch citizen)have a couple of joint bank accounts here.If I put them in my wifes name would I have to file fbars on the accounts.I know I would have to file fbars for the past years but from the time I would change it would I have to.

Thanks

Bernie
 

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If the accounts are in her name (and her name alone - no joint ownership), AND she does not have a filing obligation to the US (which means you file as married, filing separately), then you would not need to declare the accounts going forward on FBARs. You'd have to declare them in the year in which you switched the account ownership, however, since you would have had a balance during the year.

Actually, unless things change pretty drastically, the Treasury department doesn't seem to do too much with those FBAR forms, other than to check to see that they are complete. If you're filing as MFS, you can just list the joint owner on the account as "spouse" and fill in NRA for the tax identification number - as long as she does not have a US filing requirement.

Switching the ownership on the account could complicate other matters if you aren't careful (such as inheritance, or property considerations) so think this through carefully before you make any sweeping changes.
Cheers,
Bev
 

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Discussion Starter · #3 ·
this was more a what if type question as if we do it and something happens to her yes then its a major problem.

Thanks

Bernie
If the accounts are in her name (and her name alone - no joint ownership), AND she does not have a filing obligation to the US (which means you file as married, filing separately), then you would not need to declare the accounts going forward on FBARs. You'd have to declare them in the year in which you switched the account ownership, however, since you would have had a balance during the year.

Actually, unless things change pretty drastically, the Treasury department doesn't seem to do too much with those FBAR forms, other than to check to see that they are complete. If you're filing as MFS, you can just list the joint owner on the account as "spouse" and fill in NRA for the tax identification number - as long as she does not have a US filing requirement.

Switching the ownership on the account could complicate other matters if you aren't careful (such as inheritance, or property considerations) so think this through carefully before you make any sweeping changes.
Cheers,
Bev
 
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