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April 6, 2025
Question

Nominee of a foreign bank account, gave the money away - do I report?

  • April 6, 2025
  • 1 reply
  • 0 views

I was the nominee of a foreign bank account with a balance over $10,000. The intention was for me to give that money back to the account holders family. On the account holders passing, I received the money in my foreign bank account and immediately returned it to the original account holders family. I received no financial benefit from this money. Do I have to report it? 

1 reply

DaveF1006
April 10, 2025

Yes, you do need to report the account if it was over $10,000 at any time during the year, even if you didn't receive a benefit. This needs to to be reported in an FBAR report here. 

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