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USTaxAdvising
USTaxAdvising, CPA
Category: Tax
Satisfied Customers: 1111
Experience:  US Taxation specialist.
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Form 8938: what specific foreign asset need be reported in

Customer Question

Form 8938: what specific foreign asset need be reported in the form? Aicpa provide a list : some of the list are listed below: Personal assets such as arts ,jewerly, land and real estate are not required to to be reported. But the gold and buillon are required to be reported , I tried to find the specific reference. But fail to find. Can you find the specefic reference or sample given by IRS to confirm the reporting requirement of gold and bullion. sincerely davis
Submitted: 2 years ago.
Category: Tax
Expert:  Robin D. replied 2 years ago.

Robin D :

Hello and thank you ofr using Just Answer
Here is a link to the IRS page that explains who must file and what assets are includible
http://www.irs.gov/businesses/corporations/article/0,,id=251217,00.html

Robin D :

Thank you in advance for clicking ACCEPT

Customer :

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

Customer :

I need specific reference .not general reference , Please give me the citaation or which page that I can find the answer, taxquestions.

Customer: replied 2 years ago.
Relist: Incomplete answer.
Does Gold or bullion must be reported in form 8938 as Specified foreign asset . Per aicpa guide line says yes, I can not find specific guidelines from IRS specific Regulations , excep gereral referance. Hopefully someone can give me a specific reference or citations. taxquestions,
Expert:  USTaxAdvising replied 2 years ago.

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.

 

Best regards,

 

 

Customer: replied 2 years ago.
Aicpa guideline include the gold in both fbar and form 8938. But did not say whether the gold will be reported in part I or Part II, the other specified section , Could you clarify further , taxquestions
Expert:  USTaxAdvising replied 2 years ago.

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.

 

Best regards,

Customer: replied 2 years ago.
How about the option to buy a piece oF LAND AT $100,000 WITHIN ONE YEAR. THE OPTION RIGHT PAID IS $50000. IS THIS OPTION RIGHT TB REPORTED IN PART ii OF FORM 893888 ?TAXQUESTIONS
Customer: replied 2 years ago.
IS THE OPTION TO BUY LAND TO BE REPORTED IN FORM 8938?
Expert:  USTaxAdvising replied 2 years ago.

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).

 

I hope this helps, let me know if you have any further questions.

 

Best regards,

Customer: replied 2 years ago.
Relist: Other.
ADDTIONAL QUESTION , MORDIFIED
Expert:  USTaxAdvising replied 2 years ago.
Let us know where we can assist further. What does "mordified" mean in this context?

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