Norris McLaughlin & Marcus, P.A.

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Do You Own an Interest in a Foreign Account or own Securities in a Foreign Entity?

Posted on January 3rd, 2012 | Author: Norris McLaughlin & Marcus

If so, you may need to file Form 8938, “Statement of Specified Foreign Financial Assets.” The IRS explains who needs to file in a new article, Do I Need to File Form 8938, “Statement of Specified Foreign Financial Assets”?

Certain U.S. taxpayers holding specified foreign financial assets with an aggregate value exceeding $50,000 will report information about those assets on new Form 8938, which must be attached to the taxpayer’s annual income tax return. Higher asset thresholds apply to U.S. taxpayers who file a joint tax return or who reside abroad.

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