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Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.
OMB No. 1545-2195. Form. 8938. (Rev. November 2021) Department of the Treasury Internal Revenue Service. Statement of Specified Foreign Financial Assets. Go to www.irs.gov/Form8938 for instructions and the latest information. Attach to your tax return.
Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold. See Types of Reporting Thresholds, later.
What is Form 8938? Officially called your Statement of Specified Foreign Financial Assets, Form 8938 one of the forms expats use to tell the IRS about financial assets they hold abroad.
For IRS Form 8938 reporting, a “specified foreign financial asset” includes: (i) financial and investment accounts with foreign financial institutions; (ii) direct holdings in non-U.S. stocks ...
The Importance of IRS Form 8938. IRS Form 8938 is used to report specified foreign financial assets. This form is part of the U.S. government’s effort to prevent tax evasion through foreign investments. While similar to FBAR (FinCEN Form 114), Form 8938 has different thresholds, and failing to file this form can lead to significant penalties.
Form 8938, officially known as the “Statement of Specified Foreign Financial Assets,” is the document individuals and certain entities use to report their foreign financial interests to the IRS. It is filed with their annual federal income tax return if they meet certain criteria.