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simonschristina

Question

If my children have a foreign bank account does that need to be reported? Child one has a total amount of 6493.20 and child 2 a total of 4200.08.

Forum|Forum|1 year ago
January 23, 2025
1 reply
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Employee

Ownership of a foreign bank account does not need to be reported unless the account held more than $10,000 US equivalent at any time in 2024.

However, interest income must be reported (in US$ equivalent) even if you don't get tax documents. You can report the interest income on a tax return in the child's name, or, if the child's only income is interest and dividends, it can be reported on a parent's return.