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In January 2018, Sonja Deposited $20,000 in a bank in theBahamas. She earned $500...

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Accounting

In January 2018, Sonja Deposited $20,000 in a bank in theBahamas. She earned $500 Interest income. She closed the Account inDecember 2018.

a. Is Sonja subject to the FBAR reporting requirement?

b. Is the Interest Income taxable in the United States?

Answer & Explanation Solved by verified expert
3.9 Ratings (420 Votes)
aSona is subjected to FBAR requirement United States persons are required to file an FBAR if the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States and the aggregate value of all foreign financial accounts exceeded 10000 at any time during the calendar year reported United States person    See Answer
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Transcribed Image Text

In: AccountingIn January 2018, Sonja Deposited $20,000 in a bank in theBahamas. She earned $500 Interest...In January 2018, Sonja Deposited $20,000 in a bank in theBahamas. She earned $500 Interest income. She closed the Account inDecember 2018.a. Is Sonja subject to the FBAR reporting requirement?b. Is the Interest Income taxable in the United States?

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