Form 8398-2025

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The document is an IRS Form 8398, dated March 2010, which outlines the requirements for organizations that utilize leased employees in relation to their employee benefit plans. It specifies the necessary amendments and information needed to ensure compliance with sections of the Internal Revenue Code regarding the treatment of leased employees as common law employees. The form details the criteria for qualification, including descriptions of business operations, leasing agreements, employee functions, and plan eligibility requirements.

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Who must file a form 8938?

For example, Form 8938 is required if the total foreign-held asset value was $50,000 on the last day of the tax year, or $75,000 at any time during the tax year. If you are married and file jointly with your spouse, the threshold is $100,000 on the last day of the year or $150,000 at any time during the tax year.

Do I have to report foreign property to the IRS?

If you meet the applicable reporting threshold, you must report all of your specified foreign financial assets, including the specified foreign financial assets that have a de minimis maximum value during the tax year. For exceptions to reporting, see Exceptions to Reporting in the instructions for Form 8938.

Do I need to declare my overseas property?

Tax Implications of Buying Property Abroad You do not have to report the purchase of propertywhether foreign or domestic. (One possible exception to this is if there is a Homebuyer Credit in place for that year.)

What foreign assets must be reported to the IRS?

What foreign assets should be reported to the IRS? Foreign bank accounts. Securities. Financial accounts. Foreign-issued instruments like stocks and bonds.

How do I know if I am subject to FATCA reporting?

FATCA requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold (at least $50,000) to report information about those assets on Form 8938, which must be attached to the taxpayers annual income tax return.

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Do I need to declare foreign assets?

Income-tax Act, 1961 require residents to disclose their foreign assets and income in their Income Tax Returns (ITR). Specifically, Schedule FA (Foreign Assets) in the ITR form is meant for reporting foreign assets, and Schedule FSI (Foreign Source Income) is for reporting income from foreign sources.

What happens if I have more than $100,000 in a foreign bank account?

Under the Bank Secrecy Act, U.S. taxpayers must report their overseas bank accounts and financial assets, even if those assets do not generate taxable income. You must report any account with more than $10,000, or if your combined accounts have a total value greater than $10,000.

Form 8398-2025

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Got questions?

Who must file a form 8938?

Do I have to report foreign property to the IRS?

Do I need to declare my overseas property?

What foreign assets must be reported to the IRS?

How do I know if I am subject to FATCA reporting?

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Do I need to declare foreign assets?

What happens if I have more than $100,000 in a foreign bank account?

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