Form 8938 Online Carrollton Texas 2021-2025

Form 8938 Online Carrollton Texas: What You Should Know

As a foreign resident, you may be required to file Form 8938. A. What are the requirements? The IRS has three major requirements that are part of Form 8938: (1) The foreign financial assets must be legally developed, maintained, controlled and actively used in your domestic and non-domestic financial circumstances. To be treated as legal developed, maintained, controlled and active, the financial assets must be maintained or controlled as you would in America. These include property, income earned by the individual, profits made from the property, and income from the individual's business transactions involving the property (e.g., leases, mortgages, investments). The IRS says: “You have the right to exclude from income only funds on which you maintain legal, active or passive possession, and you must have, at any time during the last two full calendar year periods, an adjusted gross income of 100% or more. If the total of your financial assets is only 10,000 in a tax year, an aggregate exclusion of 10,000 may be taken in income in that year. In addition to an exclusion, the individual must be able to demonstrate that he or she meets the control standard below.” (2) The financial assets must have been created, acquired, or maintained (at least in part) within the last 5 years (i.e., within a three-year period) or within the past 5 years (i.e., within a one-year period) if the individual doesn't live in America. For those who are subject to filing or the non-resident of America requirements who are married, a filing of the spouse's return must also be filed. (3) The financial assets must have been, at any time during such 5-year period (except for periods of death or divorce), a significant item in an income tax return of another citizen of the United States.  (4) The individual must own such assets in such amounts that would give him or her more than 50% of such assets in the case where he or she is a nonresident. If he or she is married to a citizen of the United States, then the requirement is reduced somewhat to 50%. If he or she is married to a foreign resident, then the requirement is 50% for each spouse.

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