BKKexpat
Feb 17, 2014, 11:28 PM
My wife's father has a foreign bank account in which my wife has deposited 50% of the funds. 50% of the money is hers but the bank account is not in her name and she has no signature authority.
FBAR
Does my wife need to report this account on her FBAR?
Interest earned
The interest from this account is auto-transferred to another account of my wife's father. 50% of the interest earned is my wife's but it is in the transfer account and has not been removed. Do we need to report this interest as income on our 1040 Schedule B? If it should be reported, do we report only the portion of the interest (50%) that was earned from my wife's 50% of the money in the interest earning account?
Thank you in advance for anyone's help!
FBAR
Does my wife need to report this account on her FBAR?
Interest earned
The interest from this account is auto-transferred to another account of my wife's father. 50% of the interest earned is my wife's but it is in the transfer account and has not been removed. Do we need to report this interest as income on our 1040 Schedule B? If it should be reported, do we report only the portion of the interest (50%) that was earned from my wife's 50% of the money in the interest earning account?
Thank you in advance for anyone's help!