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December 2014 Archives

FBAR Requirements Even Apply to Children

While it is not very common for parents or grandparents in the US to open bank accounts in the names of young children, it is a common practice in many other countries, where it can be done to avoid inheritance or other taxes. Many people are unaware that children have the same reporting requirements pertaining to foreign accounts and income as adults. This includes the requirement to file an FBAR for a child who has a financial interest in foreign accounts with $10,000 or more at any time during the year.

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