Started joint bank acct in 2016, Do I need to report it on 2015 taxes?

[epmarshall]

Hi all,

I'm a US citizen. My bf and I started a joint account at CIBC this year. I'm finishing up my 2015 taxes now and I'm wondering if I need to report this foreign bank account even if it was only just created?

I also recently received a notice in the mail from CIBC asking me to send in a form basically asking if I was a US taxable person and giving them permission to let the IRS know about my account, so they are going to know about it either way.

Any advice would be much appreciated. Thanks all!

 

[CDNPR2014]

i would think no, since it wasn't created in 2015. on your 2016 taxes, yes it would need to be reported if it ever reached a $10,000 balance. the letter you got from the bank is standard practice. it's not specific to your account, it's what all banks must do when a US citizen opens an account. i'm pretty sure it's part of the tax treaty between the US and Canada. there's no need (or reason) to report things that happened in 2016 on your 2015 taxes.

 

[epmarshall]

i would think no, since it wasn't created in 2015. on your 2016 taxes, yes it would need to be reported if it ever reached a $10,000 balance. the letter you got from the bank is standard practice. it's not specific to your account, it's what all banks must do when a US citizen opens an account. i'm pretty sure it's part of the tax treaty between the US and Canada. there's no need (or reason) to report things that happened in 2016 on your 2015 taxes.

Awesome! Thanks CDNPR2014! I appreciate the help.