r2i forum

This only apply if the child's bank account total amount is > $10K, right ?
If if it < $10K, neither the parent or the child need to file FBAR, is that correct ?

Thank you. For my own knowledge, can I ask you more questions on FBAR ? Does FBAR need to be filed per person, or 1 FBAR for everybody in the same tax return (ie 1 FBAR for the tax preparer and its dependents) ? My understanding is FBAR needs to be filed per person separately. Consider the following ...

Parents have an overseas bank account whose total amount is >= $10,000, so they will file FBAR. Their teenage child also has an overseas bank account whose total amount is little (< $10,000). The parents do NOT claim the child as their dependent on their US return. The parents do NOT have signature ...