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4830-01-u DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Parts 1 and 301 TD 8939 IN 1545-AX13 Definition of Last Known Address AGENCY: Internal Revenue Service (IRS), Treasury. ACTION:

How to fill out 8939 form

How to fill out 8939 form:

1. Gather all necessary information and documents, such as your personal details, ownership information, and the fair market values of your specified foreign financial assets.
2. Begin by filling out the first section of the form, providing your personal information, including your name, Social Security number, and address.
3. Move on to Part I of the form, where you will need to determine whether you are a citizen, resident alien, or nonresident alien for tax purposes.
4. In Part II, list all the specified foreign financial assets that meet the reporting thresholds. This includes bank accounts, brokerage accounts, and ownership interests in foreign entities.
5. Provide detailed information for each asset listed, including the maximum value during the tax year, the country in which the asset is located, and the type of asset.
6. If you have additional specified foreign financial assets, use the continuation sheet provided or attach additional sheets if necessary.
7. Proceed to Part III, which requires you to calculate and report the penalty for not reporting these assets in previous years, if applicable. Consult the instructions for guidance on calculating this penalty amount.
8. Finally, sign and date the 8939 form, affirming the accuracy and completeness of the information provided.

Who needs 8939 form:

1. United States citizens who have specified foreign financial assets that meet or exceed the reporting thresholds during the tax year.
2. Resident aliens of the United States who meet the reporting thresholds for specified foreign financial assets.
3. Nonresident aliens who become resident aliens for tax purposes and have specified foreign financial assets meeting the reporting thresholds.

Note: It is important to consult the official IRS instructions and guidelines or seek professional advice to ensure accurate completion of the 8939 form.

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What is 8939 form?

The 8939 form is used to report information about the property acquired from a decedent by an executor or administrator of the estate.

Who is required to file 8939 form?

Executors or administrators of an estate that has acquired property from a decedent must file the 8939 form.

How to fill out 8939 form?

To fill out the 8939 form, you will need to provide information such as the estate's federal employer identification number, the decedent's name and social security number, details of the property acquired, and the executor or administrator's information.

What is the purpose of 8939 form?

The purpose of the 8939 form is to report information about the property acquired from a decedent and to determine the basis of the property acquired.

What information must be reported on 8939 form?

The 8939 form requires information such as the estate's federal employer identification number, the decedent's name and social security number, details of the property acquired (including fair market value and the date of acquisition), and the executor or administrator's information.