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While non-US citizens who have filed an election to file jointly with their US citizen spouse are exempt from FBAR reporting for their own individual accounts, here is something to be careful for:

While non-US citizens who have filed an election to file jointly with their US citizen spouse are exempt from FBAR reporting for their own individual accounts, here is something to be careful for:



They are still required to file form 8938 to report all their non-US assets if they either individually or jointly went over the filing threshold during the year (This does not include real estate in most instances).



With a joint return, as a taxpayer living abroad you must file Form 8938 if:


 


You are filing a joint return and the value of your specified foreign assets are more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.



It may be possible that your US citizen spouse has gone over the threshold through a combination of joint and individual accounts, and you only have small amounts of non US assets owned individually. In this case, you would still have to report those individual accounts on the 8938. 



Keep in mind that Form 8938 includes assets such as interest in a non-US corporation, partnership, trust or estate which are not required on the FBAR Report.



It's important to have a tax pro experienced with these nuances prepare your tax return and FBAR to make sure everything is done right.

 
 
 

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