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I am a US permanent resident and my mother is a non-US citizen living abroad. My mother has a brokerage account abroad in which I am a joint holder with right of survivorship. This account was set up by mother to avoid probate and have the assets pass on to me on her death. I have never made any contributions to this account and have never received any income from it. All the income from the account gets credited directly to my mother's bank account.

I have been filing Form TD F 90-22.1 with the Treasury Dept since 2008 under the FBAR provisions and will do so again for 2011.

Additionally, under the new FATCA provisions introduced for 2011, I will be required to file the new Form 8938 along with my 1040. In Part III of Form 8938, Tax Items Attributable to Specified Foreign Financial Assets, I am supposed to report the amounts of interest, dividend, gains, etc from these accounts and mention in which line of 1040 these were included.

Am I correct in assuming that I do not need include any income from this foreign account in Form 8938 Part III and 1040, since I have actually contributed 0% to the assets of this account and have received no income from it? (I have not included any income from this account in previous years.)

If not, what is the share of income that I need to include in my return? Should it be 50% or 100%? Are there specific rules on attributing income from joint accounts with persons with whom you don't file a joint return?

I have filed an extension and have till Oct 15 to file the final return.

Thanks in advise for your advise on a fairly new and complex topic.
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