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bkb1956
bkb1956, Enrolled Agent/Real Estate & Corporate Paralegal
Category: Capital Gains and Losses
Satisfied Customers: 2856
Experience:  18+ years of experience as a tax preparer; 25+ years of experience as a real estate and corporate paralegal
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The following questions pertain to FATCA compliance

Customer Question

The following questions pertain to FATCA complianceBackground:
1. I am aware that if my total balance of all your foreign accounts was more than $10,000 at any point of the year, I will need to complete FinCEN Form 114 (formerly Form TD F 90-22.1).
2. Additionally, if my foreign financial assets are worth more than $50,000 at any time during the year, I may also need to complete Form 8938.
3. I am a U.S. permanent resident.Questions:
1. As I am required to provide W-9 to all my foreign account, what are the applicable "Line 4 - exemption from FATCA reporting code" for:
a. Singapore Bank (UOB)
b. Singapore Brokerage Account (The Central Depository Pte Ltd)
2. Do I need to declare foreign accounts shared with foreign parent (not a U.S. tax resident and Singapore Citizen) - I may not know if there are accounts in my name and do not know the balance in these accounts.Thank you.
Submitted: 8 months ago.
Category: Capital Gains and Losses
Expert:  bkb1956 replied 8 months ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

As to your question 1a. and 1b., there is no FATCA reporting code for individuals. Form W-9 specifically states FATCA codes apply to certain entities NOT individuals.

As to your question 2, foreign accounts must be declared if

you 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 reported.

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR

I do not understand your statement that you can have a shared account with a foreign parent yet not know if the account is in your name or the amount in the account.

Please let me know if you require further information or clarification.

Thank you and best regards,

Barb

Customer: replied 8 months ago.
To clarify on how I may "have a shared account with a foreign parent yet not know if the account is in your name or the amount in the account" :
1. I have accounts shared with a parent (Singapore Citizen) since I was a child and before I moved to the U.S.
2. Additionally, it is common for parents in Singapore to add a child's name as a secondary owner.While it is awkward to ask my parent what is held in a shared account with my name and the amounts in these accounts, is this what is expected by the IRS?Thank you Barbara.
Expert:  bkb1956 replied 8 months ago.

Thank you for the explanation.

But per IRS rules, accounts must be reported if

you 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 reported.

Best regards,

Barb

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