Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.

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.

If you reported specified foreign financial assets on one or more of the following forms, enter the number of such forms filed. You do not need to include these assets on Form 8938 for the tax year. For Paperwork Reduction Act Notice, see the separate instructions.

Oct 25, 2022 · What is Form 8938? Officially called your Statement of Specified Foreign Financial Assets, Form 8938 one of the forms expats use to tell the IRS about financial assets they hold abroad.

Form 8938 is filed by U.S. persons who are required to file a tax return in the year that the Form 8938 threshold requirement is met. For purposes of these examples, we are focused on individuals — but entities may have to file Form 8938 as well.

Form 8938 is filed by some US taxpayers, including certain closely held businesses with passive foreign assets. This helps the IRS to monitor offshore funds held by US taxpayers. A business must file Form 8938 if: It is a specified domestic entity, and ; It has specified foreign financial assets that must be reported.

Oct 12, 2023 · Form 8938, officially known as the “Statement of Specified Foreign Financial Assets,” is the document individuals and certain entities use to report their foreign financial interests to the IRS. It is filed with their annual federal income tax return if …