Materials with a 5d4 electronic configuration are generally considered to have a nonmagnetic ground state (J=0). Interestingly, Sr2YIrO6 (Ir5+ having 5d4 electronic configuration) was recently reported to exhibit long-range magnetic order at low temperature and the distorted IrO6 octahedra were discussed to cause the magnetism in this material. Hence, a comparison of structurally distorted Sr2YIrO6 with cubic Ba2YIrO6 may shed light on the source of magnetism in such Ir5+ materials with 5d4 configuration. Besides, Ir5+ materials having 5d4 are also interesting in the context of recently predicted excitonic types of magnetism. Here we report a single-crystal-based analysis of the structural, magnetic, and thermodynamic properties of Ba2YIrO6. We observe that in Ba2YIrO6 for temperatures down to 0.4 K, long-range magnetic order is absent but at the same time correlated magnetic moments are present. We show that these moments are absent in fully relativistic ab initio band-structure calculations; hence, their origin is presently unclear.