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Hello and thank you ofr using Just AnswerHere is a link to the IRS page that explains who must file and what assets are includiblehttp://www.irs.gov/businesses/corporations/article/0,,id=251217,00.html
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The reference does not give thr specific answer or reference to the question.: is gold reportable in form 8938? required ? or not required ?. Please cite specific sentence or paragraph . davis
I need specific reference .not general reference , Please give me the citaation or which page that I can find the answer, taxquestions.
You don't need to report physical gold holdings on Form 8938 unless they are held in a "financial account," in which they would be disclosed on the FBAR. If they were held in a foreign asset like a foreign corporation, partnership, or trust then they would be reported on the 8938. The FBAR is for foreign accounts and the 8938 is for foreign assets. (gold is not included the same as a foreign home)
I don't have a specific reference or citation as these citations only refer to as what "is" required, not what "is not" required.
I hope this provides the clarity you were looking for, let me know if you have any further questions.
If the gold was held in a foreign account (like a bank or other financial institution) the amount would be reported on the 8938 in part I. If it was held in an entity such as a PFIC, corporation, or partnership, the amount would be reported in Part II.
If the gold was held in an account it would also be reported on the FBAR.
If the gold was held "in 'da hills" (i.e. buried treasure), it would not be reported...
I hope this helps, let me know if you have any further questions.
The option itself is not required. If the option were held in a foreign account or foreign entity then perhaps there would be a requirement.
The driving factor for the 8938 is asset value. (generally FMV).