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Do I have to report the ownership of a foreign property if

I have a 50/50 interest...
Do I have to report the ownership of a foreign property if I have a 50/50 interest with a partner and my interest is less than 50,000? If the purchase price was 38,000 total, the current value may be higher.
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7/3/2012
DanielleCPA
DanielleCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 794
Experience: Years of Experience in Business & Personal Taxes
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Welcome and thanks for your question!

If you own foreign property with an individual other than your spouse, you must report the entire value of your asset on your Form 8938 even though you only own 50% of it. This is per the Form 8938 Instructions.

Please remember that not all foreign-owned assets are required to be reported on Form 8938 - only specified assets, which includes financial accounts maintained by foreign financial institutions and any stock/securities issued by a foreign entity or a financial instrument or contract with a non-U.S. person.

If you have any further questions, please use the "reply" button and I will gladly assist you with whatever you need. If I have satisfactorily answered your question, then I politely ask you to please give me a positive rating. Thanks and have a great night!
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Customer reply replied 5 years ago
Does the form you mention specify any value limits? The total original value of the property was 38,000, which is less than what I saw listed as the requirement.
The form requires you to report based on fair value, not cost. You mention that the value is over $50,000, so that is what your filing requirement is based off of.

Please note that this is the filing requirement for Form 8938, which is submitted along with your tax return and carries the same due dates as your tax return.

You may also be required to file Form TDF 90.22, which is required to be submitted separately to the Department of the Treasury. That form's filing threshold is $10,000 and was due June 30.

Please let me know if you have any further questions. If not, please give my answer a positive rating. Thanks!
DanielleCPA
DanielleCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 794
Experience: Years of Experience in Business & Personal Taxes
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