# Do you report Paypal, Amazon, and Ebay accounts on FBAR?



## AmInUK

Quick question:

I understand bank accounts like checking and savings accounts need to be reported on the FBAR, but should you also include PayPal, Amazon seller, and Ebay accounts on the FBAR?

(this is assuming those accounts aren't used for business, but just to sell old stuff you have and send/receive money for family).

Thanks!


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## Bevdeforges

Personally, I wouldn't. None of them are banks, nor are they "financial institutions." And to a certain extent, all of those companies are US owned, so any account you have with their "foreign branches" would be treated as coming from a US-based organization anyhow.
Cheers,
Bev


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## AmInUK

Thanks, Bev.

BTW - are you an accountant or something? Sorry if that's a dumb question, but I'm new here and I've read several of your answers in various forums and you seem to have an incredibly amount of financial/tax knowledge.


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## ForeignBody

Bevdeforges said:


> Personally, I wouldn't. None of them are banks, nor are they "financial institutions." *And to a certain extent, all of those companies are US owned, so any account you have with their "foreign branches" would be treated as coming from a US-based organization anyhow.*Cheers,
> Bev


Sorry Bev, but I think your logic here is wrong. The instructions say: _A foreign financial account is a financial account located outside of the United States. For example, an account maintained with a branch of a United States bank that is physically located outside of the United States is a foreign financial account. An account maintained with a branch of a foreign bank that is physically located in the United States is not a foreign financial account._

However, I agree in that I would not treat e-bay etc as financial accounts for the purposes of FBAR unless someone is using it to stash away a pile of money, in which case they are unlikely to be completing an FBAR anyway!


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## Bevdeforges

AmInUK said:


> Thanks, Bev.
> 
> BTW - are you an accountant or something? Sorry if that's a dumb question, but I'm new here and I've read several of your answers in various forums and you seem to have an incredibly amount of financial/tax knowledge.


Actually, yes I am. However, my "continuing education" is limited to my own situation which is a whole lot simpler than many of the folks who ask questions here on the forum.
Cheers,
Bev


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## Bevdeforges

ForeignBody said:


> Sorry Bev, but I think your logic here is wrong. The instructions say: _A foreign financial account is a financial account located outside of the United States. For example, an account maintained with a branch of a United States bank that is physically located outside of the United States is a foreign financial account. An account maintained with a branch of a foreign bank that is physically located in the United States is not a foreign financial account._
> 
> However, I agree in that I would not treat e-bay etc as financial accounts for the purposes of FBAR unless someone is using it to stash away a pile of money, in which case they are unlikely to be completing an FBAR anyway!


Actually, I kind of agree with you - except that I like to "stockpile" possible arguments when taking an "assertive position" on US taxes. Basically, Amazon, e-bay or Pay Pal aren't "financial institutions" and that should be that. You don't report foreign credit cards, either, nor foreign mortgages - only the bank accounts you might hold, plus any investment accounts.

But the chances of the IRS asking any questions about such business balances are slim to non-existent. 
Cheers,
Bev


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## BBCWatcher

Actually the IRS recently declared that offshore Paypal accounts are often reportable, but I can't find a good, direct link to where I read that. The instructions to FinCEN Form 114 seem to report that interpretation. ("Financial institution" is quite broadly defined. It could even be the old fashioned cigar-box style "bank." Paypal and similar are certainly a lot more than that.)

I would report such accounts.


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