You and your spouse report the maximum value of an account or asset held jointly by you and your spouse only once on the single Form 8938 filed with your joint income tax return. I am not married and do not live abroad. Examples of other specified foreign financial assets include the following, if they are held for investment and not held in a financial account. Application of the weighted average asset rule.
Individual Income Tax Return, with your Form 8938 attached. What is ‘beneficial interest’ for purposes of analyzing the Form 8938 reporting requirement? I have a separate interest in a specified foreign financial asset with a value of $1,000. If you did not report any income, gain, loss, deduction, or credit for this account or asset on your tax return or any schedule or form attached to your income tax return filed for the tax year, check the box on line 3d. Enter the mailing address of the financial institution in which the account is maintained. A trust described in section 7701(a)(30)(E) to the extent the trust or any part of the trust is treated as owned by one or more specified persons under sections 671 through 678 and the regulations. While extremely unlikely, a timely-filed Form 8938 could be found so incomplete or inaccurate that it could be treated as a failure to file and subject the US person to Form 8938 penalties. For example, if I have a foreign defined benefit plan, am I required to obtain the services of an actuary? You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. It is engaged (or holds itself out as being engaged) primarily in the business of investing, reinvesting, or trading in securities, partnership interests, commodities, or any interest (including a futures or forward contract or option) in such securities, partnership interests, or commodities. Certain domestic corporations, partnerships, and trusts that are considered formed or availed of for the purpose of holding, directly or indirectly, specified foreign financial assets (specified domestic entities) must file Form 8938 if the total value of those assets exceeds $50,000 on the last day of the tax year or $75,000 at any time during the tax year. However, the late-filing or non-filing of a Form 8938 may not be penalized if the taxpayer can make a showing of reasonable cause. Well, as a U.S. taxpayer, youâre required to report those foreign assets in your yearly taxes and filing Form 8938 is one way for you to do it.
See Example 1 below, which illustrates the application of this weighted average asset rule.
The only defense to this ‘frozen statute of limitations’ provision is that if the failure to file the Form 8938 was due to reasonable cause, then only the statute of limitations for the Form 8938 (rather than the entire tax return) will be frozen as described.
If you are married and file a separate income tax return from your spouse, you satisfy the reporting threshold only if 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. Any time a US person submits a late/delinquent or amended Form 8938 to the IRS in a Form 8938 voluntary disclosure, that person should consider hiring a Form 8938 voluntary disclosure attorney to draft a reasonable cause statement as a defense to the penalties the IRS might impose for the late or amended filing.
are required, We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.
You do not have to file Form 8938 but your spouse does. I am not married and do not live abroad. If the issuer or counterparty has a mailing address in the United States, you can enter the U.S. mailing address.
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