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FORM 8938 (STATEMENT OF SPECIFIED FOREIGN FINANCIAL ASSETS)
You use Form 8938 to report your Specified Foreign Financial Assets if the total value of all the specified foreign financial assets that you have interest in is more than the appropriate reporting threshold
Who must file Form 8938
A specified individuals and domestic entities that have an interest in specified foreign financial assets and meets the reporting threshold
Specified Individuals includes:
Specified entities includes:
Specified Individuals includes:
- A citizen or resident of the United States
- Certain non-resident aliens
Specified entities includes:
- A domestic corporation,
- A domestic partnership, and
- A domestic trusts
Filing Information
Form 8938 is filed with your US Individual income tax return and is due on the date of that return which is April 15th.
Reporting Threshold
Specified Individuals living in the US:
Specified Individuals living outside the US:
Specified domestic entities:
- Unmarried individuals (or married filing separately)
- Married individuals filing jointly
Specified Individuals living outside the US:
- Unmarried individuals (or married filing separately)
- Married individuals filing jointly
Specified domestic entities:
- Total value of assets was more than $50,000 on the last day of tax year, or more than $50,000 at any time during the year.
Penalties
Up to $10,000 for failure to disclose and an additional $10,000 for each 30 days of non-filing after IRS notice of a failure to disclose, for a potential maximum penalty of $60,000; criminal penalties may also apply