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I am a Canadian citizen, but a US resident ( Card). My

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I am a Canadian...

I am a Canadian citizen, but a US resident (Green Card).

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My elderly parents were recently diagnosed with significant dimentia, and my sister and I are named as the Power of Attorney. They have an investment account worth over 100k at the end of the 2017 tax year. Since I think I would now have signing autority over it along with my sister, do I need to report it on form 8938?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

There is no tax consequence to me, correct, since no money has actually been moved over to my possession.

Submitted: 1 month ago.Category: Tax
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3/16/2018
Tax Professional: Barbara, Enrolled Agent replied 1 month ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,801
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

You are required to file Form 8938 if

If any income, gains, losses, deductions, credits, gross proceeds, or distributions from holding or disposing of the account or asset are or would be required to be reported, included, or otherwise reflected on your income tax return.

BUT

as to FBAR,

Signature authority: you have authority to control the disposition of the assets in the account by direct communication with the financial institution maintaining the account.

The following link contains the IRS guidance on Form 8938 and FBAR:

https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

No tax consequences to you.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 1 month ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

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Barbara
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