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Do I report the full value of a jointly owned foreign investment account?

Updated

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Short answer

Yes. Each joint owner who must file reports the full maximum value of a jointly owned foreign brokerage or securities account, not their share.⁠Source 1⁠Source 2

How the rule works

First check that the investment account is maintained by a financial institution outside the United States. The annual maximum is a reasonable approximation of the greatest value of the securities and cash in that account during the calendar year. A single brokerage account is one account, however many holdings it contains.⁠Source 3⁠Source 4

Example

Two spouses jointly own a foreign brokerage account holding stocks and cash. Its highest value during the year was $42,000. A spouse who must report it reports $42,000, not $21,000. If both spouses file separate FBARs, each reports $42,000.⁠Source 1⁠Source 3

What to check

Use account statements that fairly show the highest value in the year. Convert at the Treasury rate for the last day of the year; if Treasury publishes no rate for the currency, use another verifiable rate and name its source. Value separate brokerage accounts separately.⁠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, Report of Foreign Bank and Financial Accounts (FBAR) (opens in a new tab)

    U.S.-person and $10,000 tests, spousal exception, irrelevance of income-tax filing status and extensions for certain employees and officers.

    irs.govChecked 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

  4. Source 4: 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