What do you need to know about IRS Form 8938?

What is the IRS Form 8938? The IRS Form 8938, which was first required with the 2011 tax reporting year, is an information-only report of a US person’s ownership (in part or in whole) of ‘specified foreign financial assets,’ a technical term which covers a wide variety of foreign assets.

Do you have to file the FBAR or 8938?

The IRS may require a U.S. person taxpayer to file either the FBAR, 8938 or both forms, depending on the types and values of the foreign accounts, assets, and investments.

Do you have to report foreign stock on Form 8938?

Foreign stock or securities, if you hold them outside of a financial account, must be reported on Form 8938, provided the value of your specified foreign financial assets is greater than the reporting threshold that applies to you.

What are the requirements for FinCEN Form 8938?

Form 8938, Statement of Specified Foreign Financial Assets FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) Financial (deposit and custodial) accounts held at foreign financial institutions. Yes. Yes. Financial account held at a foreign branch of a U.S. financial institution. No. Yes

IRS Form 8938 FAQ: Reporting Foreign Financial Interests. The IRS has a new information reporting form for taxpayers to report specified foreign financial assets. Form 8938 (Statement of Specified Foreign Financial Assets) will be filed by taxpayers with specific types and amounts of foreign financial assets or foreign accounts.

Do you have to report a foreign account on Form 8938?

If a financial account, such as a depository, custodial or retirement account, is held through a foreign branch or foreign affiliate of a U.S.-based financial institution, the foreign account is not a specified foreign financial asset and is not required to be reported on Form 8938. 12.

Do you have to separately report assets on Form 8938?

You do not need to separately report the assets of a financial account on Form 8938, whether or not the assets are issued by a U.S. person or non-U.S. person. Q1 . I have a financial account with a U.S. branch of a foreign financial institution.

Can a gold certificate be reported on Form 8938?

Note, however, that gold certificates issued by a foreign person may be a specified foreign financial asset that you would have to report on Form 8938, if the total value of all your specified foreign financial assets is greater than the reporting threshold that applies to you. Q5 .