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Do I report the full joint account balance or only my ownership share?

Updated

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Short answer

Report the full maximum value of the jointly owned foreign account, not your share. FinCEN says each joint owner must report the entire value of the account.⁠Source 1

How the rule works

The rule is the same whether the account has two owners or several. Accounts are not prorated by ownership percentage. The usual maximum-value and currency-conversion rules apply.⁠Source 2⁠Source 1

Example

A foreign bank account has a maximum value of $24,000 and you own it equally with your sibling. If you must file an FBAR, report $24,000 for that account, not $12,000. Your sibling checks their own filing requirement.⁠Source 1⁠Source 2

What to check

Use the account's highest value during the calendar year and convert it at the Treasury rate for the last day of that year.⁠Source 3⁠Source 1

Related questions

Full rules and more examples: Joint accounts, spouses and children

Sources

Official sources used for this page.

  1. Source 1: FinCEN, Reporting Jointly Held Accounts (opens in a new tab)

    Part III instructions, full account values, joint owner count, principal joint owner identity and blank items.

    fincen.govChecked Back to text

  2. Source 2: IRS, Internal Revenue Manual 4.26.16 — FBAR (opens in a new tab)

    Financial interests, signature authority, U.S. residency (including 6013(g)/(h) elections and treaties), family attribution, spousal filing, Form 114a parts and amended-FBAR identifiers.

    irs.govChecked Source updated Back to text

  3. Source 3: FinCEN, Reporting Maximum Account Value (opens in a new tab)

    Maximum account value for cash and nonmonetary assets, account-by-account values and currency conversion, including another verifiable rate with its source.

    fincen.govChecked Back to text