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You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.
My Virtual CPA, I'm trying to figure out now what to do with form 8938, and I'm confused with the instructions to calculate whether I'm under or above the threshold for me and my wife filing a joint tax return, which I believe is $100,000 at the end of the year or $150,000 at any time during the year. As previously discussed, my wife received an inheritance in Chile, which I already declared in form 3520, consisting of cash (approx. $28,000), 25% ownership of properties (25% of $340,000), pine plantations (25% of 240,000) and she also received a gift of $37,000 from her dad. What of all this would need to be declared in form 8938?
Additionally I saw references to pension plans...I have some money on my "state pension plan" and also on a sort of 401K (all in Chile), but have not received any distributions from them. Do I need to account and declare those as well? Does the money in my bank accounts need to be accounted for? I guess I'm a bit confused by the use of the term financial assets, which I don't normally relate to some of the previusly mentioned items.