Updated November 2026 · VG CPA PC advisors
FBAR reporting for joint accounts
A joint owner of a foreign account has a financial interest in it and generally must report the full account value on the FBAR, not just a share. The FBAR asks for the number of joint owners and the principal joint owner's details.
This applies even if you never deposit or withdraw money and the funds came entirely from your parents.
Whose income is it
Income tax follows ownership of the money, not names on the account. If the funds belong to your parents and they are entitled to the interest, it is generally their income, not yours. Keep documentation showing the source of the funds and who benefits.
If you are the beneficial owner of the money, or it was gifted to you, the interest is your income and is taxable in the US.
Form 8938 and gifts
Form 8938 generally requires reporting assets in which you have an interest; for joint accounts with non-spouses, each owner reports the full value. When parents later transfer the money to you, gifts from foreign persons over $100,000 in a year are reported on Form 3520.
If you have been named on accounts for years without filing FBARs, the Delinquent FBAR procedures are often the cleanest fix.