# 2016 fbar



## horseshoe846 (Feb 8, 2017)

I just completed my FBAR. We had numerous accounts - some new ones opened/ some old ones closed. I have the 12 monthly statements for each account. On the first page of each statement there is an account value for the start of the period (the prior months closing value) and the value at the end of the period. (They also show movements in and out).

For each account I went through the 12 statements and recorded the maximum value shown on the start or end lines. I then applied the exchange rate from the Treasury's web-site.

One account in particular (a non-interest bearing checking account) is used to wire funds from the US - which are then moved elsewhere (where they earn interest). Coincidentally in 2016 the transferred money was not sitting in the account on the first or last day of the month (the monies were in another one of the accounts which is reported on the FBAR).

Now that I have completed MY FBAR - I am going to make a copy of it and change the name to that of my wife and leave all the rest of the info the same as my own FBAR. Then I will sign both forms.

Thoughts appreciated.


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## horseshoe846 (Feb 8, 2017)

Well I made another pass through the statements and ended up changing the dollar value on two accounts whose statements actually showed monthly movements with the resulting balance. To be honest the amounts due to the difference in methodology was not trivial. I just can't imagine a hired tax preparer would go through all this trouble.

Why doesn't the US get all this information directly from the banks - or the (in our case) Mexican Treasury who collect the data from the banks. You know - I'm being honest with the US - but I read the actual US<->Mexico agreement. The one Mexican entity where we have the most money is exempt from reporting to the US. Gosh - one of our Mexican banks is even owned by Citi. The statements are sent from the US.


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## iota2014 (Jul 30, 2015)

Is it worth it? The IRS is not going to care. Why not just take a stab at the likely high balance of each account, and then add some?

Also, call me old-fashioned but shouldn't your wife sign her own FBARs?


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## Moulard (Feb 3, 2017)

horseshoe846 said:


> Now that I have completed MY FBAR - I am going to make a copy of it and change the name to that of my wife and leave all the rest of the info the same as my own FBAR. Then I will sign both forms.
> 
> Thoughts appreciated.


In light of the fact that you imply all the assets being reported are joint accounts.... 

If all the accounts being reported are joint accounts with your spouse you only need to file one FBAR. 

You both have to sign a separate form and file it away (you don't have to file it) that is basically your spouse authorising you to file.


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## horseshoe846 (Feb 8, 2017)

I think you are referring to form 114A ? I saw that.

The situation in Mexico is kind of interesting. Both our names are on all the accounts - but we are not equals. There is a principal owner. If we want to make a change to one of the accounts - my wife can't make it - she has to put me on the phone - which is a pain because her Spanish is much better than mine.

The banks in Mexico 'retain' a percentage of interest to cover taxes - at the time you earn it - and then issue an annual report. I receive one in my name and my wife receives the same form in her name. We each pay 1/2 of the taxes - which I then double and put on our US tax return.

I'm pretty sure I called the IRS FBAR help desk in the past and they said it was ok for us to each file our own FBAR. It only takes a second to copy and change names.


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## horseshoe846 (Feb 8, 2017)

I did try calling that help desk earlier today but they are closed for President's Day.


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## iota2014 (Jul 30, 2015)

horseshoe846 said:


> I'm pretty sure I called the IRS FBAR help desk in the past and they said it was ok for us to each file our own FBAR. It only takes a second to copy and change names.


As I understand it, either you each file *and sign* your own FBAR, or if all the accounts are joint accounts, as Moulard said, you can file one FBAR but in that case you are supposed to fill out the authorizing form, or rather I suppose your wife should fill it out, and you keep hold of it until the seas run dry or whatever in case they ever have a question.

Obviously, your wife can use a copy of what you've already filed, and just make the necessary changes, and sign it and send it No need to start from scratch.


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## Bevdeforges (Nov 16, 2007)

Since you have to file the FBARs online, it's really not a matter of who signs each form. In fact, you actually don't even need to have different e-mail addresses to file two forms, one in each name. I file FBARs for a friend of mine who has no Internet connection - doesn't even have a "smart" phone and only has a mobile because her kids insisted on her having one. Technically, whoever is actually filing the forms should have a signed copy of the form giving them permission to file for their spouse/friend/whatever. But the likelihood of ever being asked to show that form is pretty slight.
Cheers,
Bev


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## Moulard (Feb 3, 2017)

horseshoe846 said:


> The situation in Mexico is kind of interesting. Both our names are on all the accounts - but we are not equals. There is a principal owner.


For the purposes of the FBAR I think you could treat them as a joint account with the principal owner being the principal joint owner reported on the FBAR.

If it was me, and there were NO separate accounts I would file the one FBAR with all of the accounts reported in Part III because I have better things to do with my time.


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## iota2014 (Jul 30, 2015)

Give me strength...

So when they say the e-filing system can only generate _one_ digital signature, presumably what they actually mean is that the system doesn't generate _any_ digital signature.


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## Moulard (Feb 3, 2017)

Correct. 

There is no meaningful digital signature (in a form that anyone who understood digital security would recognize that is). No public key. No private key. no nothing but a warning on a pdf form.

It is all smoke and mirrors.


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