Contra Costa California Form 8938 2021-2025

Contra Costa California Form 8938: What You Should Know

The IRS Form 8938, Statement of Specified Foreign Financial Assets, includes financial data on all foreign financial assets owned by California residents and foreign financial assets owned by U.S. residents and the financial information for all foreign accounts (including foreign bank accounts), including both domestic and foreign accounts. The IRS Form 8938 also reports information on a specific year and on non-U.S. resident foreign bank accounts on a separate page. What exactly is included in these statements? Foreign financial assets include cash and cash equivalents, foreign currency, U.S. dollar and foreign currency loans, securities, U.S. dollar deposits, and foreign currency loans. The IRS Form 8938 only reports cash and cash equivalents, but it does allow for a more detailed description of their foreign currency obligations. If you have U.S. dollars, you must also report any foreign currency obligations on this form. The form also lists foreign currency borrowings. A 5,000 loan on a foreign currency can be included in an amount reported on Form 8938, if the borrower lives overseas. The total amounts of the loan and the return reporting is considered a foreign financial account, which you should also include in your U.S. financial accounts. On a separate page, the IRS Form 8938 reports financial accounts held by a U.S. resident for the reporting year. This includes foreign bank accounts, joint accounts, interest in non-U.S. resident foreign banks, U.S. government securities holdings, U.S. government bonds; and U.S. government bonds held for the account holder's own benefit. What if I don't have all the data required by the IRS Form 8938? Even if you report all the necessary information accurately, the IRS may require some additional information to complete the form correctly. This may indicate an illegal activity. Contact the local USCIS office for details about the specific questions required and whether you need to file a Foreign Contacts Report. U.S. Tax Form 8938 What is an information return? An information return (IR) or a tax form is a financial statement that is usually filed with the U.S. government. The IRS returns include information about U.S. taxpayers, including their income, deductions, and other financial information.

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