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Form 8938 and FATCA...
Posted: Mon May 30, 2011 10:43 am
by sigma
Another FBAR derivative goes in to effect from Jan 1, 2011 in the form of Form 8938 and this is expected to be filed along with Tax Returns beginning Jan 1, 2012. This is expected to include rental incomes from foreign countries as well, as some sites report. I feel IRS is more likely to act quicker as it is filed along with the returns than treasury which processes TDF.90
IRS link on Form 8938..sigma
Form 8938 and FATCA...
Posted: Fri Sep 30, 2011 9:21 pm
by greyfri
The IRS published draft instructions for form 8938 (FATCA) form.
http://www.irs.gov/pub/irs-dft/i8938--dft.pdfNote that this in addition to, not a replacement for the FBAR form. The reporting requirements are higher, $100K for MFJ. If you live outside the US, the requirements are even higher upto 400K.
More paperwork in general. Penalties are stiff, but not as stiff as FBAR penalties.
Form 8938 and FATCA...
Posted: Fri Sep 30, 2011 10:58 pm
by SetToGo
hi greyfri,
This talks about financial assets. Does that include real estate (apartment, land etc.)? Also what if you inherit something in the middle of the year?
Form 8938 and FATCA...
Posted: Mon Oct 03, 2011 8:28 pm
by greyfri
SetToGo;413487hi greyfri,
This talks about financial assets. Does that include real estate (apartment, land etc.)? Also what if you inherit something in the middle of the year?
You own something if you inherit it anytime during the year.
Real estate would not normally be considered a financial asset. However, I'm not sure if property owned through a co-op would be considered a financial asset.