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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 Department of the Treasury's Internal Revenue Service, specifically for reporting short-term and long-term capital gains and losses on assets. It provides sections to list details of transactions, including descriptions of property, acquisition and sale dates, sales prices, costs or other bases, and resulting 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 gain or loss in the respective columns.
After completing Part I, total the sales price and gain/loss amounts at the bottom of this section. Transfer these totals to Schedule D as instructed.
Proceed to Part II for long-term capital gains and losses. Repeat the process of entering details for each asset held over a year, ensuring accuracy in all fields.
Finally, combine your totals from Part II and enter them on Schedule D as required.

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How to extend form 8938?

Timely Filing: Form 8938 is Not on Automatic Extension Unlike the FBAR, Form 8938 is not on automatic extension. If a taxpayer wants to extend the time to file Form 8938, they must extend the time to file their U.S. tax return as well.

What happens if you dont file form 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).

How do I know if I have foreign financial assets?

What is Considered a Foreign Financial Asset? Checking and savings accounts. Investments (stocks, bonds, and mutual funds) Foreign business interests. Foreign trust or estate accounts. Retirement and pension accounts.

Can I file form 8938 electronically?

Form 8938: attach to your US return. FBAR: submit separately online through the BSA e-Filing system.

Who is required to file 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.

8938 continuation statement

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What is form 8938 2021?

The purpose of IRS Form 8938 is to report the ownership of foreign financial assets by U.S. taxpayers. This reporting is important for tax compliance as it helps the IRS identify unreported foreign income and prevents tax evasion. Failing to file this form when required can lead to docHub penalties.

What is the difference between Form 8938 and FBAR?

FBAR captures the account itself; Form 8938 digs into the assets insideespecially if theyre tied to foreign entities or income-producing investments. The two forms have different reporting requirements, filing thresholds, and enforcement arms.

What happens if you forgot to file form 8938?

If you do not file a correct and complete Form 8938 within 90 days after the IRS mails you a notice of the failure to file, you may be subject to an additional penalty of $10,000 for each 30-day period (or part of a period) during which you continue to fail to file Form 8938 after the 90-day period has expired.