Form 8938 is filed as part of your tax return. You do not need to file form 8938 separately, like the FBAR. The function of form 8938 is to report foreign financial assets.

What are the requirements for Form 8938?

Unmarried individuals residing in the United States are required to file Form 8938 if the market value of their foreign financial assets is greater than $50,000 on the last day of the year or greater than $75,000 at any time during the year.

What is the Form 8938 used for?

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.

Who is required to file a Form 8938?

Who Must File? Individuals who must file Form 8938 include U.S. citizens, resident aliens and certain non-resident aliens who meet the reporting threshold and have an interest in certain types of foreign financial assets. Certain domestic entities that hold foreign assets will also be required to file this form.

Do you have to file FinCEN Form 114 or 8938?

Form 8938 does not replace filing the FinCEN Form 114, Report of Foreign Bank and Financial Accounts. If an individual meets the filing requirements for both forms, each must be filed, even though some information may be duplicate.

Can a gold certificate be reported on Form 8938?

Note, however, that gold certificates issued by a foreign person may be a specified foreign financial asset that you would have to report on Form 8938, if the total value of all your specified foreign financial assets is greater than the reporting threshold that applies to you. Q5 .

Do you have to report foreign stock on Form 8938?

Foreign stock or securities, if you hold them outside of a financial account, must be reported on Form 8938, provided the value of your specified foreign financial assets is greater than the reporting threshold that applies to you.