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What is the difference between FBAR and form 8938?
The FBAR must be filed when a U.S. person has foreign bank accounts with an aggregate high balance of $10,000 at any point during the tax year. Form 8938, by contrast, has different monetary thresholds depending upon the tax filing status and location of the taxpayer.
What is the difference between 8938 and FBAR?
The Form 8938 filing requirement does not replace or otherwise affect a taxpayer's obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS.
What is the purpose of IRS Form 8938?
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.
Who Must file 8938?
To get into the nitty gritty of it, if you're a U.S. taxpayer who lives outside of the U.S. and holds a total combined value of foreign assets worth more than $300,000 at any time during the year (or $200,000 on the last day of the year) you need to report it on Form 8938.
How do I know if I have to file form 8938?
You must file Form 8938 if: You are a specified person (either a specified individual or a specified domestic entity). ... You have an interest in specified foreign financial assets required to be reported.
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What is the form 8938?
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.
Who must file a form 8938?
To get into the nitty gritty of it, if you're a U.S. taxpayer who lives outside of the U.S. and holds a total combined value of foreign assets worth more than $300,000 at any time during the year (or $200,000 on the last day of the year) you need to report it on Form 8938.
Is Form 8938 filed with tax return?
Certain U.S. taxpayers holding specified foreign financial assets with an aggregate value exceeding $50,000 will report information about those assets on new Form 8938, which must be attached to the taxpayer's annual income tax return.
Do I need to file both FBAR and 8938?
Although Form 8938 provides that information reported on certain other foreign asset reporting forms\u2014such as Form 3520 (for reporting interests in foreign trusts, gifts, and estates) and Form 5471 (for reporting interests in foreign corporations)\u2014does not need to be repeated on Form 8938, there is no such exception for ...
What happens if you forget to file Form 8938?
Information return penalties: Where a taxpayer must file a Form 8938, disclosing his or her interest in "specified foreign financial assets," fails to do so for any tax year, the taxpayer is subject to a penalty of $10,000.
Related links
About Form 8938, Statement of Specified Foreign Financial ...
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 ...
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