6:45 "Indirect interests in foreign financial assets through an entity" Could this be interpreted as: my fiancee has a checking account in her home country?? She is the entity with foreign financial assets, and my indirect interests is my relationship with her?? By the way, thank you for this enlightening series of discussions.
Sorry for the late response. Assuming your fiance (well I'm so late she's probably your wife by now), is not a US person, the answer would most likely be a no.
Hello, I have another question sir - My mom (a non US person living abroad) bought a $10,000 variable life insurance policy with cash value in the Philippines back in 2016. The policy is on her name as the beneficiary and I (a US Citizen) am on the polity as the insured person. My mom should get the cash value of the life insurance if I die or if she decides to surrender it. During the years 2016-2022 the cash value of the policy fluctuated with the stock market. There were years it went over $10,000.00, other years like 2022 it went below that. My question is, does that policy even have to be reported to FBAR if I am ONLY the insured and not the beneficiary ( i know that will not make sense, as how can the insured be the beneficiary - lol) or do I still have to include that policy in the FBAR simply because she can surrender it for cash but yet the policy is on her name and I have no signature authority to surrender and cash it for her as the policy is only on her name. I am only the insured person. Am I overthinking? What do you think?
What if I sent money to my mom's bank (she is non US person) so she can pay a builder building a house for our family overseas. do i need to include that in fbar?
Nope. You do not have a financial interest in the account nor are you a custodian. But I wonder about your house ownership. Is it in a corporation or something similar? What is percentage of ownership by US persons like your siblings.
@@irsmedic thank you sir. we bought the lot like 10 years ago and it was titled to my mom, my dad, and myself. it is not in a corporation, it's just a family property. my siblings are non US persons and they are not involved in the house or are in the lot title. in 2019 we started the build and i started sending money to my mom to pay the builder. the house got finished Jan 2022(took longer because of covid). I sent the money to my moms and dads joint bank account. all the money i sent are the ones i earned and were already taxed here in the US . thank you again and please advise if you have any further thoughts on my situation. Is my case considered real estate, which is exempted?
Interesting! For a junior tax accountant in Australia it's pretty interesting how US taxes on foreign assets work
6:45 "Indirect interests in foreign financial assets through an entity" Could this be interpreted as: my fiancee has a checking account in her home country?? She is the entity with foreign financial assets, and my indirect interests is my relationship with her?? By the way, thank you for this enlightening series of discussions.
Sorry for the late response. Assuming your fiance (well I'm so late she's probably your wife by now), is not a US person, the answer would most likely be a no.
Hello, I have another question sir - My mom (a non US person living abroad) bought a $10,000 variable life insurance policy with cash value in the Philippines back in 2016. The policy is on her name as the beneficiary and I (a US Citizen) am on the polity as the insured person. My mom should get the cash value of the life insurance if I die or if she decides to surrender it. During the years 2016-2022 the cash value of the policy fluctuated with the stock market. There were years it went over $10,000.00, other years like 2022 it went below that.
My question is, does that policy even have to be reported to FBAR if I am ONLY the insured and not the beneficiary ( i know that will not make sense, as how can the insured be the beneficiary - lol) or do I still have to include that policy in the FBAR simply because she can surrender it for cash but yet the policy is on her name and I have no signature authority to surrender and cash it for her as the policy is only on her name. I am only the insured person. Am I overthinking? What do you think?
Thank you
What if I sent money to my mom's bank (she is non US person) so she can pay a builder building a house for our family overseas. do i need to include that in fbar?
Nope. You do not have a financial interest in the account nor are you a custodian. But I wonder about your house ownership. Is it in a corporation or something similar? What is percentage of ownership by US persons like your siblings.
@@irsmedic thank you sir. we bought the lot like 10 years ago and it was titled to my mom, my dad, and myself. it is not in a corporation, it's just a family property. my siblings are non US persons and they are not involved in the house or are in the lot title. in 2019 we started the build and i started sending money to my mom to pay the builder. the house got finished Jan 2022(took longer because of covid). I sent the money to my moms and dads joint bank account. all the money i sent are the ones i earned and were already taxed here in the US . thank you again and please advise if you have any further thoughts on my situation. Is my case considered real estate, which is exempted?