Daly City California online Form 8938 2021-2025

Daly City California online Form 8938: What You Should Know

S. Or nonresident alien, reporting financial assets that exceed the level of asset thresholds.  For tax reporting purposes, a specified individual is any individual who, at a time of tax year, has financial assets (other than those assets listed below) of U.S. proceeds (or “income”), as defined in section 1(h)(2) that are described in Form 8938. “Financial assets” means  income or capital gains earned,  losses from the sale, exchange, transfer, or other disposition of “financial assets,” defined as any financial assets reported on Form 8938, including certain cash, securities, foreign currency, other assets, and property listed on Form 8938.  No report is required of amounts described in Section 1(h)(2) as “income.” However, section 1(m) requires that certain reported amounts be reported as part of net investment income or long-term capital gain. To determine your net investment income or long-term capital gain, use Internal Revenue Code section 1(g). Any financial asset that is reported on Form 8938 and exceeds your “financial asset thresholds” is required to be reported on Form 8938 as well. In addition, you should report the assets you held in an amount that is less than the amount on Form 8938. The amount of the reduction must be included on Form 8938, unless it is more than the “financial asset thresholds.” If your net investment income is positive at the end of the tax year, you and your spouse will report the difference from the threshold amounts (but, see “Note 2—Income” below for details about how net interest and other income is treated).  Section 1(m) requires that, if any of your financial assets exceed the threshold amount for each calendar month throughout the year, you must report that financial asset on your filed return as income. If you fail to do so for a month, you will not be required to report any of your financial assets in that month. In addition, section 1(h)(2) requires you to report “income” if the “amount ... paid in the year” exceeds your “financial asset threshold amount for that month”, or if it exceeds that amount for two consecutive months.

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