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Form 8938 continuation statement

Form 8938 continuation sheet 2021-2025

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The document is a continuation sheet for Schedule D (Form 1040) from the Internal Revenue Service, detailing the reporting of short-term and long-term capital gains and losses for assets held for one year or less and more than one year, respectively. It provides sections to list property descriptions, acquisition and sale dates, sales prices, costs or other bases, and calculations of gains or losses.

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Click ‘Get Form’ to open the form in the editor.
Begin by entering your name(s) as shown on Form 1040 at the top of the sheet. This ensures that your information is correctly associated with your tax return.
In Part I, list your short-term capital gains and losses. For each asset, fill in the description, acquisition date, sale date, sales price, cost basis, and calculate the gain or loss in the respective columns.
After completing Part I, total the sales price and gain/loss columns. Enter these totals in the designated fields to ensure accurate reporting on Schedule D.
Proceed to Part II for long-term capital gains and losses. Repeat the process of entering details for each asset held for more than one year, ensuring all fields are filled accurately.
Finally, review all entries for accuracy before saving or exporting your completed form directly from our platform.

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2010	4.9 Satisfied (38 Votes)
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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Do you have to pay taxes on a foreign bank account?

Yes! Even if you dont meet the requirements to file a US tax return, you are still obligated to file an FBAR if you meet the $10,000 minimum account balance. Thankfully, MyExpatTaxes has launched MyExpatFBAR to make filing your FBAR online easy!

What triggers an FBAR audit?

Theres no set trigger for an FBAR audit, but some common reasons include the following: Random selection: FinCEN may choose tax filers randomly to verify compliance. Discrepancies: Inconsistencies or errors in the FBAR filing may lead to an audit.

What happens if I forgot to file 8938?

Failure to report foreign financial assets on Form 8938 may result in a penalty of $10,000 (and a penalty up to $50,000 for continued failure after IRS notification).

Is it illegal for a US citizen to have a foreign bank account?

And, while it is absolutely legal to own a foreign bank account, there are some additional reporting and tax requirements that US persons should be aware of so that they can remain in IRS tax and reporting compliance and avoid unnecessary fines and penalties.

Are foreign bank accounts reported to the IRS?

In addition to the annual Report of Foreign Bank and Financial Accounts (FBAR) requirements outlined above, certain U.S. taxpayers must also file Form 8938, Statement of Specified Foreign Financial Assets. Accounts reported on Form 8938 are ones they often need to report on the FBAR, too.

8938 continuation statement

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What must be reported on 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.

Do I have to file both form 8938 and FBAR?

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.

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 8938 continuation sheet 2021-2025

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How to use or fill out form 8938 continuation sheet 2021 with our platform

See more form 8938 continuation sheet 2021 versions

Complete this form in 5 minutes or less

Got questions?

Do you have to pay taxes on a foreign bank account?

What triggers an FBAR audit?

What happens if I forgot to file 8938?

Is it illegal for a US citizen to have a foreign bank account?

Are foreign bank accounts reported to the IRS?

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What must be reported on form 8938?

Do I have to file both form 8938 and FBAR?

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

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