I’m a US Citizen with accounts in europe. I know I have to report accounts when balance hits 10k at any time in a calendar year or when aggregate balances across all accounts reaches 10k. My question is; what information does the bank report to the fincen? Do they report my highest balance of the year even if it doesn’t reach 10k? Do they only report it if reaches 10k?
FATCA question
- Thread starter Yrybak08
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With the US, i'd imagine everything is reported - just not worth the bother for most financial institutions to risk missing important information off where Americans are concerned.
No easy answer unfortunately, as banks may interpret the requirements a little differently. It also depends on the asset or account type being reported.
But it's typically account holder name, account holder date of birth, account number, jurisdiction of tax residence (in addition to US), ID numbers, year end account balance, totals of certain credit transactions (interest, dividends, sales of assets), and whether the account is still open.
But it's typically account holder name, account holder date of birth, account number, jurisdiction of tax residence (in addition to US), ID numbers, year end account balance, totals of certain credit transactions (interest, dividends, sales of assets), and whether the account is still open.
For bank accounts, it is the average balance over the year, see Treasury regulations section 1.1471-4(d)(4)(iii).
https://www.law.cornell.edu/cfr/text/26/1.1471-4#d_3
You can check that document, it is pretty clear what is being reported:
You can also check Form 8966 which the banks (don't) use:
https://www.irs.gov/pub/irs-pdf/f8966.pdf
They use the XML which contains the same︀ data:
https://www.irs.gov/pub/irs-pdf/p5124.pdf
Please also note the Record retention requirements of the legislation linked above:
All in all, you can be sure that they can get all︅ data the bank holds about you.
https://www.law.cornell.edu/cfr/text/26/1.1471-4#d_3
You can check that document, it is pretty clear what is being reported:
- The name, address, and TIN (title, first name, middle name, last name, birth date, birth city, birth country, TIN, numerous address fields, country)
- The account number
- The average balance for a calendar year (and currency)
- The gross amount of interest paid or credited to the account during the year
- Whether the account was closed
You can also check Form 8966 which the banks (don't) use:
https://www.irs.gov/pub/irs-pdf/f8966.pdf
They use the XML which contains the same︀ data:
https://www.irs.gov/pub/irs-pdf/p5124.pdf
Please also note the Record retention requirements of the legislation linked above:
All in all, you can be sure that they can get all︅ data the bank holds about you.
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