Comparison of Form 8938 and FBAR Requirements ZMB Tax Consultants
Form 8938 Filing Requirements. You are unmarried and the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year The form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file fincen form 114 (report of foreign bank and financial accounts).
Comparison of Form 8938 and FBAR Requirements ZMB Tax Consultants
Taxpayers who meet the form 8938 threshold and are required to file a tax return will also be required to include specified foreign asset reporting with their tax return. See specified individual, specified domestic entity,. You are a specified person (either a specified individual or a specified domestic entity). Web information about form 8938, statement of foreign financial assets, including recent updates, related forms and instructions on how to file. Form 8938 threshold & requirements. Retirement assets maintained at foreign institutions. The form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file fincen form 114 (report of foreign bank and financial accounts). Web you must file form 8938 if you must file an income tax return and: Any level of ownership in a foreign business entity or trust. Web if you are required to file form 8938, you must report the specified foreign financial assets in which you have an interest even if none of the assets affects your tax liability for the year.
Form 8938 threshold & requirements. Web refer to form 8938 instructions for more information on assets that do not have to be reported. Taxpayers who meet the form 8938 threshold and are required to file a tax return will also be required to include specified foreign asset reporting with their tax return. One of the most confusing parts of filing taxes as an expat is knowing which forms you have to fill out and what income you need to report. Web you must file form 8938 if you must file an income tax return and: Web if you are required to file form 8938, you must report your financial accounts maintained by a foreign financial institution. You are unmarried and the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year Web review a chart comparing the foreign asset types and filing requirements for form 8938 and the foreign bank and financial accounts (fbar) form. You must file form 8938 if: Any level of ownership in a foreign business entity or trust. Web we have prepared a summary explaining the basics of form 8938, who has to file, and when.
