Ann Arbor Michigan Form 8938 2021-2025

Ann Arbor Michigan Form 8938: What You Should Know

Form 8938 forms were issued in October 2025 and were revised to version 3 in December 2013. It is designed, so the IRS can look for patterns among expats and determine  If those patterns match known patterns of tax evasion, the foreign country is being used as a base  by American citizens or firms  for their tax evasion efforts (this is called the 'base erosion' theory of tax  evasion). The Form 8938 tells the IRS which expatriate has which type of accounting  information. It is also used because some expats have multiple accounts, and they must file each in turn to tell the IRS the account they own with the greatest net worth.  When you file a Form 8938 it is important that the taxpayer's tax information is complete before  you file. The taxpayer is not allowed to make any additions, deductions, or adjustments to their balance sheets, but they have to list any assets or liabilities they control in the United States on each page of the Form 8938.  All taxpayers should file each year.  Do not use this form to report income or pay taxes that haven't been calculated on your U.S. tax return. The following may cause you to need a new Form 8938: If you are the spouse of an expatriate: You can use Form 8938, Statement of Specified Financial Abandonment, to tell the IRS that you want to remain married. If you need to report a gift or inheritance to which you are not entitled, report it on Form 8938, and the Form 8822 will become the beneficiary's tax receipt. However, the estate tax may be payable on your Form 8938, and you may not be able to use Form 8938 to get this right away. Keep in mind that even if the estate is the beneficiary (or a legal owner) of the property, you are still the owner of you own interest in the property for tax purposes. Also, any property you have acquired and held for more than a year and are selling would be subject to capital gains tax.  If you are filing a joint return for tax purposes, you must file separate Forms 965, 3921 and 3922. If you do not want to pay any tax by Form 8938, and you do not want to include all financial assets in your income, then you cannot file.

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