IRS Form 8938 is a tax form used by some U.S. taxpayers, corporations, partnerships, and trusts that hold foreign assets beyond a certain threshold. When required, it must be filed with your annual tax return.
Can you amend Form 8938?
You need to amend your return to add the Form 8938. Here is an excerpt from the IRS Basic Questions and Answers on Form 8938: “If you omitted Form 8938 when you filed your income tax return, you should file Form 1040X, Amended U.S. Individual Income Tax Return, with your Form 8938 attached.”
Is foreign real estate reportable on Form 8938?
Foreign real estate is not a specified foreign financial asset required to be reported on Form 8938. For example, a personal residence or a rental property does not have to be reported.
What do you need to know about Form 8938?
And, to the extent held for investment and not held in a financial account, you must report stock or securities issued by someone who is not a U.S. person, any other interest in a foreign entity, and any financial instrument or contract held for investment with an issuer or counterpart that is not a U.S. person.
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.
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.
Do you have to file Form 8938 or FBAR?
The filing of Form 8938 does not relieve you of the separate requirement to file the FBAR if you are otherwise required to do so, and vice-versa. Depending on your situation, you may be required to file Form 8938 or the FBAR or both forms, and certain foreign accounts may be required to be reported on both forms.
