Form 8938 – Statement of Specified Foreign Financial Assets
Form 8938 uses to report on specified foreign financial assets.
The filling required if the total value of all of the assets in which you have an interest,
exceeded the reporting threshold.
Filing Form 8938 does not relieve you of the requirement to file a Report of Foreign Bank and Financial Accounts (FBAR).
The Taxpayer should attach Form 8938 to the annual return and file by the due date (including extensions) for that return.
The taxpayer Do not need to send a Form 8938 to the IRS unless it is attached to an annual/amended return.
If you are required to file Form 8938, you must report on assets in which you have an interest,
even if none of the assets affects your tax liability for the year.
Form 8938 Reporting Thresholds for Specified Individuals
If you are an individual, your applicable reporting threshold depends upon whether you:
married, file a joint return, and live in/or outside the U.S.
Taxpayers living in the United States
Unmarried taxpayers
You satisfy the reporting threshold only if the total value of your specified foreign financial assets
is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.
Married taxpayers filing a joint income tax return
You satisfy the reporting threshold only if the total value of your specified foreign financial assets
is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.
Married taxpayers filing separate income tax returns
You satisfy the reporting threshold only if the total value of your specified foreign financial assets
is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.
Taxpayers living outside the United States.
Unmarried taxpayers
You satisfy the reporting threshold only if the total value of your specified foreign financial assets
is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the tax year.
Married taxpayers filing a joint income tax return
You satisfy the reporting threshold only if the total value of your specified foreign financial assets
is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the tax year.
Married taxpayers filing separate income tax returns
You satisfy the reporting threshold only if the total value of your specified foreign financial assets
is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the tax year.
You must report the maximum value during the tax year of each foreign financial asset reported on Form 8938.