Greetings! My spouse and I live in Spain (but are not Spanish). I have some accounts in the US but none come close to the 50k threshold for filing the Modelo 720. However, I just heard about a rule regarding married couples (that I’m not sure how I haven’t heard of before in all my research) that basically states that you need to include your spouse’s assets in your Modelo 720, even if they’re not listed as beneficiary / account holder. We’d need to list them as participating ’50%’ in the account, I believe. Is that accurate? Individually, as I said, I’m not close to the threshold - but if we combined our assets together, we may come close or even cross it. If our combined assets cross 50k (while our individual assets do not), do we need to file the Modelo 720 — even if we’re not named, in any way, on each other’s accounts?
Also — a somewhat related matter, if my spouse is listed on a bank account with one of their parents, as either an account holder or a beneficiary - where the parent receives income, but my spouse doesn’t - I know that would have to be filed in the Modelo 720 (as she would listed on the account). But, would that affect my spouse’s taxes in Spain in any way, if she’s a beneficiary / account holder on an account but isn’t ‘contributing’ money to it, and none of the income in the account is hers? It could look interesting filed on a Modelo 720, where the account is growing but the spouse isn’t paying any taxes on it (as the income isn’t hers). Thanks for the help!
Also — a somewhat related matter, if my spouse is listed on a bank account with one of their parents, as either an account holder or a beneficiary - where the parent receives income, but my spouse doesn’t - I know that would have to be filed in the Modelo 720 (as she would listed on the account). But, would that affect my spouse’s taxes in Spain in any way, if she’s a beneficiary / account holder on an account but isn’t ‘contributing’ money to it, and none of the income in the account is hers? It could look interesting filed on a Modelo 720, where the account is growing but the spouse isn’t paying any taxes on it (as the income isn’t hers). Thanks for the help!
