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Do I need to file Form 8938, “Statement of Specified Foreign Financial Assets”?
Certain U.S. taxpayers holding specified foreign financial assets with an aggregate value exceeding $50,000 will report information about those assets on
new Form 8938, which must be attached to the taxpayer’s annual income tax return. Higher asset thresholds apply to U.S. taxpayers who file a joint tax
return or who reside abroad (see below).
Form 8938 reporting applies for specified foreign financial assets in which the taxpayer has an interest in taxable years starting after March 18, 2010.
For most individual taxpayers, this means they will start filing Form 8938 with their 2011 income tax return to be filed this coming tax filing season.
Upon issuance of regulations, FATCA may require reporting by specified domestic entities. For now, only specified individuals are required to file Form 8938.
- If you do not have to file an income tax return for the tax year, you do not need to file Form 8938, even if the value of your specified foreign assets is more than the appropriate reporting threshold.
- If you are required to file Form 8938, you do not have to report financial accounts maintained by:
– a U.S. payer (such as a U.S. domestic financial institution),
– the foreign branch of a U.S. financial institution, or
– the U.S. branch of a foreign financial institution.
Refer to Form 8938 instructions for more information on assets that do not
have to be reported.
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We have long term relationships in the legal community of Houston and we work closely with inmmigration and business advisors. We will be happy to connect you with them.
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