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This form is used to report specified foreign financial assets owned by individuals filing U.S. tax returns. Taxpayers must complete various parts of the form based on their financial interests in
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How to fill out form 8938
How to fill out FORM 8938
01
Obtain FORM 8938 from the IRS website or your tax software.
02
Fill in your personal information including your name, address, and taxpayer identification number.
03
Complete Part I by providing details about foreign financial assets, such as accounts and securities.
04
In Part II, indicate if you have a financial interest in or signature authority over the specified accounts.
05
In Part III, report the maximum value of each account during the tax year.
06
If applicable, fill out additional sections for foreign trusts or interests in foreign entities.
07
Review and ensure all information is accurate.
08
Sign and date the form before submission.
Who needs FORM 8938?
01
U.S. citizens and resident aliens who have specified foreign financial assets exceeding certain thresholds.
02
Taxpayers who have an interest in foreign accounts and investments, including stocks, bonds, and foreign mutual funds.
03
Individuals living abroad who meet the asset reporting requirements.
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Who needs to fill out form 8938?
For example, Form 8938 is required if the total foreign-held asset value was $50,000 on the last day of the tax year, or $75,000 at any time during the tax year. If you are married and file jointly with your spouse, the threshold is $100,000 on the last day of the year or $150,000 at any time during the tax year.
Who is exempt from FATCA reporting?
If you have an investment interest in the social security, social insurance, or a foreign government program of a similar nature, you'll not have to report such investments under FATCA's regulations.
Do you file both FBAR and 8938?
Do I have to file both Form 8938 and FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)? The filing of Form 8938 does not relieve you of the separate requirement to file the FBAR if you are otherwise required to do so, and vice-versa.
Do I need to declare foreign property to the IRS?
When a US person sells foreign real estate, that asset is taxable as capital gain — and the same holds true for a foreign rental property.
What happens if I have more than $100,000 in a foreign bank account?
Under the Bank Secrecy Act, U.S. taxpayers must report their overseas bank accounts and financial assets, even if those assets do not generate taxable income. You must report any account with more than $10,000, or if your combined accounts have a total value greater than $10,000.
Do you file both FBAR and 8938?
Do I have to file both Form 8938 and FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)? The filing of Form 8938 does not relieve you of the separate requirement to file the FBAR if you are otherwise required to do so, and vice-versa.
Do I have to report foreign property to the IRS?
If you meet specified thresholds for foreign financial assets, you must file Form 8938, Statement of Specified Foreign Financial Assets, with your annual federal income tax return (usually Form 1040). This form provides additional information on foreign financial assets and is filed with the IRS. Report foreign income.
Who is required to file form 8938?
For example, Form 8938 is required if the total foreign-held asset value was $50,000 on the last day of the tax year, or $75,000 at any time during the tax year. If you are married and file jointly with your spouse, the threshold is $100,000 on the last day of the year or $150,000 at any time during the tax year.
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What is FORM 8938?
FORM 8938, also known as the Statement of Specified Foreign Financial Assets, is a tax form required by the IRS for certain U.S. taxpayers to report their foreign financial assets.
Who is required to file FORM 8938?
U.S. taxpayers, including individuals and certain entities, are required to file FORM 8938 if their specified foreign financial assets exceed certain thresholds.
How to fill out FORM 8938?
To fill out FORM 8938, taxpayers must provide their personal information, details of specified foreign financial assets, and the value of these assets in U.S. dollars, as well as sign and date the form.
What is the purpose of FORM 8938?
The purpose of FORM 8938 is to help the IRS track and tax foreign financial assets held by U.S. taxpayers to combat tax evasion and ensure compliance with U.S. tax law.
What information must be reported on FORM 8938?
FORM 8938 requires taxpayers to report information such as the type of foreign financial assets, the account numbers, the names of financial institutions, and the maximum value of the assets during the tax year.
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