Form 8938
Form 8938, officially named the Statement of Specified Foreign Financial Assets, is used by expats to report financial assets held abroad to the IRS.
Deadline for this form has passed. Contact us if you've missed the deadline.
What is Form 8938?
if you're a U.S. taxpayer residing abroad and have foreign assets exceeding $300,000 (or $200,000 at year-end), you must report them on Form 8938.
For joint returns, the thresholds are $600,000 (anytime) or $400,000 (year-end).
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Mandatory for
If you're a U.S. taxpayer abroad with foreign assets valued over $300,000 (or $200,000 at year-end), you need to report it on Form 8938.
Penalties
Failing to file Form 8938, when required, could result in a $10,000 fine (with a possible penalty of up to $50,000 for continued non-compliance after IRS notification).
Due date
The form is affixed to your yearly return and should be submitted by the expat tax filing deadline, considering any relevant extensions.
FAQs
Form 8938 reports specified foreign financial assets and is filed with your tax return. FBAR reports foreign accounts and goes separately to FinCEN.
Thresholds, scope, and destination all differ. Many people file both for the same accounts.
Usually yes. They are separate filings with separate thresholds, going to different agencies, and filing one does not satisfy the other.
Some assets reported on other information returns can be excluded from 8938, but FBAR is not one of those. Our Form 8938 page covers the overlap.
Foreign financial accounts, foreign stock and securities held outside an account, interests in foreign entities, and foreign financial instruments with non-US counterparties.
Foreign real estate held directly is not included, though an entity holding it may be. Our Form 8938 page covers the categories.
Thresholds depend on filing status and whether you live in the US or abroad, and are tested both on the year-end value and the highest value during the year.
Living abroad raises the threshold substantially. Our Form 8938 page covers the figures and how they are measured.
Still have questions?
Reach out to our support team if you have any additional questions regarding filing.
