Form 8938 Houston Texas 2021-2025

Form 8938 Houston Texas: What You Should Know

A taxpayer should file Form 8938 either  With or without a W&I. There are no penalties for filing both if you know you have an FFA. A tax practitioner will file Form 8938. The following information is also required for filing Form 8938: All the foreign financial report(s) that you are relying on for Form 8938. No exceptions. You may also need additional information from the FAR form(s) when you file Form 8938. How to Make an FAR Statement There are no exemptions, so you must file for Form 8938 if you have foreign financial accounts exceeding the amounts set forth in regulations. You may file Form 8938 at any time, but in my opinion, I prefer to file it before I file my FAR form. The requirements are as follows: If you have foreign accounts or a foreign financial asset over 10,000 in a year, you must make this form. Otherwise, the IRS will report your holdings on Form 8886 If you have non-foreign accounts of over 50,000, or foreign financial assets of over 10,000 (5,000 minimum if the report is from the last 3 months of the year), you must make this form for both your foreign accounts and foreign financial assets. Otherwise, the IRS will not report either on Form 926. You may file more than one Form 8938 for the same type of financial asset. Each form must have the same statement. There are some situations when it might be advisable for you to file additional Form 8938. For example, the foreign account is over 5% of the total foreign assets over 50,000. If you believe the assets are foreign property, you would need to file additional Form 8938 for the property.

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