Subject to Filing FBAR?

Forum|Forum|1 year ago
May 4, 2024
1 reply
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Hi,

I am planning on making royalty payments to a foreign bank account (that I have no ownership of or authority over--they can do what they want with their funds). The funds will exceed $10,000 in a year. Do I still have to file FBAR?

Thank you for your help!

Not A Product Question

Best answer by DoninGA

If you are the owner of a foreign account where the value in the account exceeds $10,000 at any time during the year then you have to file a FBAR.

Go to this IRS website for comparison of Form 8938 and FBAR - https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

DoninGAAnswer

Employee

If you are the owner of a foreign account where the value in the account exceeds $10,000 at any time during the year then you have to file a FBAR.

Go to this IRS website for comparison of Form 8938 and FBAR - https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

SoarHighBeFreeAuthor

Thanks for your response. I am not the owner of a foreign bank account. I will be transferring money to a foreign bank account for my business. So, it sounds like I do not have to file FBAR since the foreign bank account is not mine.