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My husband wants to either add me to his bank account or open a new account in my name (which I'm thinking will require his name as well since I'm new here). I am retired and have no income for US tax purposes, but know I'm required to file anyway, which isn't a problem.
My question is - if he adds me to his account, even though I have no income going into it, will his account then fall under the FATCA requirements if it is equal to $10,000 or more? In other words, does having my name on his account (essentially his earnings) make us liable for US taxes or reporting requirements?
I don't want to entangle his finances into US tax rules since I won't be contributing to the account(s). If we opened a separate account for me, it would only be for savings, gifts, etc. and would never reach the FATCA reporting amount of $10,000. Would it be better to explore that option?
I won't be receiving my Social Security for many years so won't need a depository for that for a long time.
Any advice or guidance for US IRS considerations would be greatly appreciated.
Laurel
My question is - if he adds me to his account, even though I have no income going into it, will his account then fall under the FATCA requirements if it is equal to $10,000 or more? In other words, does having my name on his account (essentially his earnings) make us liable for US taxes or reporting requirements?
I don't want to entangle his finances into US tax rules since I won't be contributing to the account(s). If we opened a separate account for me, it would only be for savings, gifts, etc. and would never reach the FATCA reporting amount of $10,000. Would it be better to explore that option?
I won't be receiving my Social Security for many years so won't need a depository for that for a long time.
Any advice or guidance for US IRS considerations would be greatly appreciated.
Laurel