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Lev
Lev, Tax Advisor
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Hi do I need to report my own residential property in foreign

Resolved Question:

Hi do I need to report my own residential property in foreign country in form 8938 for 1040 tax return? I can not find property (ex, house, building) in 8938 instruction. Is it right that form 8938 is applied to financial assets other than property ?
Submitted: 2 years ago.
Category: Tax
Expert:  Lev replied 2 years ago.
Hi and welcome to Just Answer!
You are correct - do not report your residential property in foreign country on form 8938.

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.

Form 8938 reporting applies for specified foreign financial assets in which the taxpayer has an interest in taxable years starting after March 18, 2010. For most individual taxpayers, this means they will start filing Form 8938 with their 2011 income tax return to be filed.

Please be aware that the form is not finalized yet - http://www.irs.gov/pub/irs-dft/f8938--dft.pdf

Only specified individuals are required to file Form 8938:

  • A U.S. citizen
  • A resident alien of the United States for any part of the tax year.
  • A nonresident alien who makes an election to be treated as resident alien for purposes of filing a joint income tax return
  • A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico.

Only specified foreign financial asset is reported:

  • Any financial account maintained by a foreign financial institution, except as indicated above
  • Other foreign financial assets held for investment that are not in an account maintained by a US or foreign financial institution, namely:
    • Stock or securities issued by someone other than a U.S. person
    • Any interest in a foreign entity, and
    • Any financial instrument or contract that has as an issuer or counter party that is other than a U.S. person.

Let me know if you need any help or clarification.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22704
Experience: Taxes, Immigration, Labor Relations
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