Have Foreign Assets – Report them on Form 8928 – Foreign Tax Experts Help 1-866-700-1040
If you have any questions about your foreign assets contact our firm today for a free initial consultation. We can answer all your questions and help you with the preparation of any FBAR information or tax preparation you need.
What are the specified foreign financial assets that I need to report on Form 8938?
If you are required to file Form 8938, you must report your financial accounts maintained by a foreign financial institution. Examples of financial accounts include:
1. Savings, deposit, checking, and brokerage accounts held with a bank or broker-dealer.
And, to the extent held for investment and not held in a financial account, you must report stock or securities issued by someone who is not a U.S. person, any other interest in a foreign entity, and any financial instrument or contract held for investment with an issuer or counter party that is not a U.S. person.
Some examples of these assets that must be reported if not held in an account include:
a. Stock or securities issued by a foreign corporation;
b. A note, bond or debenture issued by a foreign person;
c. An interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap or similar agreement with a foreign counter party;
d. An option or other derivative instrument with respect to any of these examples or with respect to any currency or commodity that is entered into with a foreign counter party or issuer;
e. A partnership interest in a foreign partnership;
f. An interest in a foreign retirement plan or deferred compensation plan;
g. An interest in a foreign estate;
h. Any interest in a foreign-issued insurance contract or annuity with a cash-surrender value.
While this is not a comprehensive list of all the four assets that need to be reported this will give you a good start in a good idea of some of the basic or pillar assets that need to be reported on form 8928.
Contact us today and you will speak directly to tax attorneys, CPAs or former IRS agents who are for an asset specialist in regard to IRS reporting in taxes.
Have Foreign Assets – Report them on Form 8928 – Foreign Tax Experts Help
