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March 22, 2025
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Partnership has more than $10000 in foreign account

  • March 22, 2025
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I have already filed multi member LLC return. Me and my wife has 50% interest in the LLC. I just wanted to double check about the partnership having financial interest of more than $10,000 in foreign account. I have foreign account and have managed more than $10,000 during 2024. But my wife did not have financial interest of more than $10,000 in foreign account. LLC does not have any foreign account on it's name. I file FBAR on the individual basis. Do I need to file FBAR for my LLC as well?

Best answer by PatriciaV

If the foreign account is NOT held in the name of the partnership, the company would not file a Report of Foreign Bank and Financial Accounts (FBAR). 

 

See "Who Must File": IRS Report of Foreign Bank and Financial Accounts (FBAR)

1 reply

PatriciaV
PatriciaVAnswer
Employee
March 23, 2025

If the foreign account is NOT held in the name of the partnership, the company would not file a Report of Foreign Bank and Financial Accounts (FBAR). 

 

See "Who Must File": IRS Report of Foreign Bank and Financial Accounts (FBAR)

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aas870Author
March 24, 2025

Perfect. Got it. Thank you!