8938 opções de estoque

Formulário 897 do IRS Perguntas frequentes: Relato de interesses financeiros estrangeiros.

por: Anthony Parent 2012-03-21.

O IRS tem um novo formulário de relatório de informação para os contribuintes para reportar ativos financeiros estrangeiros especificados. O formulário 8938 (Demonstração de ativos financeiros estrangeiros especificados) será arquivado por contribuintes com tipos específicos e valores de ativos financeiros estrangeiros ou contas externas.

É importante que os contribuintes determinem se estão sujeitos a este novo requisito porque a lei impõe sanções significativas por não cumprir. Além disso, isso cria uma armadilha adicional para contribuintes tentando "soft" ou "quieta" divulgar contas anteriormente não declaradas.

1. Quais são os ativos financeiros estrangeiros especificados que eu preciso reportar no Formulário 8938?

Se você for obrigado a apresentar o Formulário 8938, você deve informar suas contas financeiras mantidas por uma instituição financeira estrangeira. Exemplos de contas financeiras incluem:

Conta de poupança, depósito, cheque e corretagem realizada com um banco ou corretor.

Na medida em que é mantido para investimento e não detido em uma conta financeira, você deve reportar ações ou valores mobiliários emitidos por alguém que não é uma pessoa dos EUA, qualquer outro interesse em uma entidade estrangeira e qualquer instrumento financeiro ou contrato mantido para investimento com um emissor ou contraparte que não é uma pessoa dos EUA. Exemplos desses ativos que devem ser reportados se não contidos em uma conta incluem:

Ações ou valores mobiliários emitidos por uma empresa estrangeira; Uma nota, caução ou debênture emitida por uma pessoa estrangeira; Um swap de taxa de juros, swap de moeda, swap de base, limite de taxa de juros, piso de taxa de juros, swap de commodities, equity swap, swap de índice de ações, swap de inadimplência de crédito ou contrato similar com uma contraparte estrangeira; Uma opção ou outro instrumento derivado em relação a qualquer desses exemplos ou em relação a qualquer moeda ou mercadoria que seja celebrada com uma contraparte ou emissor estrangeiro; Um interesse de parceria em uma parceria estrangeira; Um interesse em um plano de aposentadoria estrangeira ou plano de remuneração diferido; Um interesse em uma propriedade estrangeira; Qualquer interesse em um contrato de seguro emitido pelo estrangeiro ou anuidade com um valor de resgate de dinheiro.

Os exemplos listados acima não compreendem uma lista exclusiva de ativos necessários para serem reportados.

2. Eu sou um contribuinte dos EUA, mas não estou obrigado a apresentar uma declaração de imposto de renda. Preciso apresentar o Formulário 8938?

Os contribuintes que não são obrigados a apresentar uma declaração de imposto de renda não são obrigados a arquivar o Formulário 8938.

3. O imobiliário estrangeiro precisa ser reportado no Formulário 8938?

O imobiliário estrangeiro não é um activo financeiro estrangeiro especificado que deve ser reportado no Formulário 8938. Por exemplo, uma residência pessoal ou uma propriedade de aluguel não precisa ser reportada.

Se o imóvel é realizado através de uma entidade estrangeira, como uma corporação, parceria, confiança ou propriedade, o interesse na entidade é um activo financeiro estrangeiro especificado que é reportado no Formulário 8938, se o valor total de todos os seus estrangeiros especificados Os ativos financeiros são maiores que o limite de relatórios que se aplica a você. O valor do imóvel detido pela entidade é levado em consideração na determinação do valor do interesse na entidade a ser reportada no Formulário 8938, mas o próprio imóvel não é reportado separadamente no Formulário 8938.

4. Posso manter moeda estrangeira diretamente (ou seja, a moeda não está em uma conta financeira). Preciso denunciar isso no Formulário 8938?

A moeda estrangeira não é um activo financeiro estrangeiro especificado e não é reportável no Formulário 8938.

5. Sou beneficiário de uma propriedade estrangeira. Preciso informar meu interesse em uma propriedade estrangeira no Formulário 8938?

Geralmente, um interesse em uma propriedade estrangeira é um activo financeiro estrangeiro especificado que é reportável no Formulário 8938 se o valor total de todos os seus ativos financeiros estrangeiros especificados for maior que o limite de relatório que se aplica a você.

6. Eu adquiri ou herdou ações ou títulos estrangeiros, como títulos. Preciso denunciar isso no formulário 8938?

Ações ou títulos estrangeiros, se você os mantiver fora de uma conta financeira, devem ser reportados no Formulário 8938, desde que o valor de seus ativos financeiros estrangeiros especificados seja maior que o limite de relatório que se aplica a você. Se você possuir ações ou títulos estrangeiros dentro de uma conta financeira, você não denuncia ações ou valores mobiliários no Formulário 8938.

Para obter mais informações sobre o relatório das participações das contas financeiras, consulte as Perguntas Freqüentes 8 e 9.

7. Eu deixo diretamente ações de um fundo mútuo dos EUA que possui ações e valores mobiliários estrangeiros. Preciso relatar as ações do fundo mútuo dos EUA ou os títulos e valores mobiliários detidos pelo fundo mútuo no Formulário 8938?

Se você detém diretamente ações de um fundo mútuo dos EUA, não precisa denunciar o fundo mútuo ou as participações do fundo mútuo.

8. Tenho uma conta financeira mantida por uma instituição financeira dos EUA que detém ações e títulos estrangeiros. Preciso relatar a conta financeira ou suas participações?

Você não precisa denunciar uma conta financeira mantida por uma instituição financeira dos EUA ou suas participações. Exemplos de contas financeiras mantidas pelas instituições financeiras dos EUA incluem:

U. S. Fundos de fundos mútuos IRAs (tradicional ou Roth) 401 (k) planos de aposentadoria Planos de aposentadoria de aposentados estaduais Corretoras mantidas por instituições financeiras dos EUA.

9. Tenho uma conta financeira mantida por uma instituição financeira estrangeira que detém ativos de investimento. Preciso relatar a conta financeira se todos ou alguns dos ativos de investimento na conta são ações, títulos ou fundos de investimento emitidos por uma pessoa dos EUA?

Se você tiver uma conta financeira mantida por uma instituição financeira estrangeira e o valor de seus ativos financeiros estrangeiros especificados for maior que o limite de relatório que se aplica a você, você precisa denunciar a conta no Formulário 8938.

Uma conta externa é um activo financeiro estrangeiro especificado, mesmo que seus conteúdos incluam, no todo ou em parte, ativos de investimento emitidos por uma pessoa dos EUA. Você não precisa relatar separadamente os ativos de uma conta financeira no Formulário 8938, independentemente de os ativos serem ou não emitidos por uma pessoa dos EUA ou por uma pessoa que não seja dos EUA.

10. Tenho uma conta financeira com uma filial dos EUA de uma instituição financeira estrangeira. Preciso denunciar esta conta no formulário 8938?

Uma conta financeira, como uma conta depositária, custódia ou aposentadoria, em uma sucursal dos EUA de uma instituição financeira estrangeira é uma exceção à regra geral de que uma conta financeira mantida por uma instituição financeira estrangeira é um ativo financeiro estrangeiro especificado.

Uma conta financeira mantida por uma filial dos EUA ou uma subsidiária dos Estados Unidos de uma instituição financeira estrangeira não precisa ser reportada no Formulário 8938 e quaisquer ativos financeiros estrangeiros especificados nessa conta também não precisam ser reportados.

11. Eu possuo ações e valores mobiliários estrangeiros através de uma filial estrangeira de uma instituição financeira com sede nos Estados Unidos. Preciso denunciar isso no formulário 8938?

Se uma conta financeira, como uma conta depositária, custódia ou aposentadoria, é realizada por meio de uma agência estrangeira ou de uma subsidiária estrangeira de uma instituição financeira com sede nos Estados Unidos, a conta externa não é um activo financeiro estrangeiro especificado e não é obrigado a ser reportado em Formulário 8938.

12. Tenho interesse em uma pensão estrangeira ou plano de remuneração diferida. Preciso denunciá-lo no formulário 8938?

Se você tiver interesse em uma pensão estrangeira ou plano de remuneração diferida, você deve denunciar esses juros no Formulário 8938 se o valor de seus ativos financeiros estrangeiros especificados for maior que o limite de relatório que se aplica a você.

13. Como valorizo ​​meu interesse em uma pensão estrangeira ou plano de remuneração diferido para fins de divulgação no Formulário 8938?

Em geral, o valor da sua participação no plano de pensão estrangeiro ou no plano de remuneração diferido é o valor justo de mercado do seu interesse benéfico no plano no último dia do ano. No entanto, se você não sabe ou tem motivos para saber com base em informações prontamente acessíveis o valor justo de mercado de seu interesse benéfico na pensão ou plano de remuneração diferido no último dia do ano, o valor máximo é o valor do caixa e / ou outra propriedade que lhe foi distribuída durante o ano. Esse mesmo valor é usado para determinar se você atendeu seu limite de relatório.

Se você não sabe ou tem motivos para saber com base em informações facilmente acessíveis, o valor justo de mercado de seu interesse benéfico no plano de pensão ou plano de remuneração diferido no último dia do ano e você não recebeu nenhuma distribuição do plano, o O valor do seu interesse no plano é zero. Nessa circunstância, você também deve usar um valor de zero para o plano para determinar se você atendeu seu limite de relatório. Se você cumpriu o limite de relatório e é necessário para arquivar o Formulário 8938, você deve denunciar o plano e indicar que o seu máximo é zero.

14. Eu sou um contribuinte dos EUA e ganhei um direito à segurança social estrangeira. Preciso denunciar isso no Formulário 8938?

Os pagamentos ou os direitos de receber o equivalente estrangeiro de segurança social, benefícios de seguro social ou outro programa similar de um governo estrangeiro não são ativos financeiros estrangeiros especificados e não são reportáveis.

15. Quais são as penalidades para não preencher um formulário 8938?

Falhar ao arquivar o Formulário 8938 quando necessário pode resultar em uma penalidade de US $ 10.000, com uma penalidade adicional até US $ 50.000 por falha contínua ao arquivar após a notificação do IRS. Uma penalidade de 40% em qualquer subavaliação do imposto atribuível a ativos não divulgados também pode ser imposta. As normas especiais de prescrição aplicam-se ao formulário 8938, que também é explicado nas instruções.

16. Já arquivei um FBAR. Preciso também apresentar um formulário 8938?

O novo requisito de apresentação do formulário 8938 não substitui ou afeta de outra forma a obrigação do contribuinte de arquivar um FBAR (Relatório de Bancos Estrangeiros e Contas Financeiras).

É nossa opinião que o novo Form 8938 é apenas um dos muitos frutos podres da FATCA. O Congresso é inconsciente do fato de que esses regulamentos sufocantes criam um efeito de arrefecimento no comércio internacional. Hoje, um de nossos clientes da Índia compartilhou conosco uma carta que o seu pequeno banco lhe enviou. O seu cumprimento lhe dizia que estavam fechando sua conta porque achavam que suas transações eram muito arriscadas. E qual era esse risco? Nosso cliente ligou legalmente dinheiro para seus pais na Índia. Ultrajante, ultrajoso.

O comércio internacional é a base da Riqueza das Nações. Em vez de escrever mais leis, o Congresso deve demorar alguns dias de folga e pensar sobre os danos que estão fazendo para pessoas boas de todo o mundo.

Relatórios de ativos financeiros estrangeiros no formulário 8938.

Começando com os anos fiscais que começam após 18 de março de 2010, os contribuintes dos Estados Unidos devem informar o Internal Revenue Service sobre os ativos financeiros mantidos fora dos Estados Unidos. Este requisito de relatório faz parte da Lei de Conformidade do Imposto sobre Conta Externa (FATCA), que fazia parte da Lei de Emprego de Incentivos à Restauração (HIRE). A FATCA consiste em duas partes: um novo regime de retenção destinado a encorajar as instituições financeiras globais a enviar relatórios ao IRS sobre as finanças internacionais dos cidadãos dos EUA e um novo mecanismo de relatório pelo qual os contribuintes dos EUA se auto-reportam aos ativos financeiros do IRS de fora do Estados Unidos.

Este artigo discute os requisitos de auto-relato dos contribuintes dos EUA no âmbito da FATCA.

O que conta como um ativo financeiro estrangeiro.

Ativos financeiros estrangeiros, ou & # 34; ativos financeiros estrangeiros especificados & # 34; Como o IRS os chama, consistem em:

Contas financeiras mantidas em instituições financeiras fora dos Estados Unidos, tais como contas bancárias, contas de investimentos e fundos mútuos; Ações, obrigações ou outros valores mobiliários emitidos por uma pessoa que não seja dos EUA e não detidos por meio de uma conta de investimento; Qualquer interesse em uma entidade estrangeira, como uma empresa estrangeira, uma parceria estrangeira ou uma confiança estrangeira; Qualquer instrumento financeiro ou contrato que tenha um emissor ou contraparte que não seja uma pessoa dos EUA.

Os investimentos estrangeiros realizados através de contas de investimento baseadas nos EUA não são relatados no Formulário 8938.

Quem é necessário para arquivar o formulário 8938.

Tecnicamente, todos os contribuintes dos EUA são afetados pela FATCA. Mas, por enquanto, o IRS exige que apenas contribuintes individuais reportem seus ativos financeiros estrangeiros.

As instruções do IRS para o formulário 8938 referem-se a & # 34; indivíduos especificados & # 34; e delinear quando o relatório é necessário. Os seguintes indivíduos especificados & # 34; pode ser obrigado a apresentar o Formulário 8938: cidadãos dos EUA, estrangeiros residentes, estrangeiros não residentes que optam por ser tratados como se fossem estrangeiros residentes e estrangeiros não residentes que residam em Samoa Americana ou Porto Rico.

(Para obter mais detalhes, consulte "Preciso arquivar o formulário 8938, & # 34; Declaração de ativos financeiros estrangeiros especificados" no site da IRS. gov.)

Limites de relatório para o formulário 8938.

Os contribuintes precisarão rastrear duas medidas do valor de mercado de seus ativos financeiros estrangeiros: o valor máximo do ativo em qualquer momento durante o ano e o valor do ativo no final do ano fiscal. Os contribuintes tomarão a soma de todos os valores máximos e a soma de todos os valores do final do ano. Esses totais são usados ​​para determinar se o valor dos ativos excede os limites de relatório. Se assim for, os contribuintes precisarão reportar todos os seus ativos financeiros estrangeiros ao IRS. Se os limiares não forem cumpridos, os contribuintes não são obrigados a apresentar o Formulário 8938.

O IRS estabeleceu diferentes limiares para diferentes tipos de contribuintes, da seguinte forma:

O indivíduo solteiro que reside nos Estados Unidos é obrigado a apresentar o Formulário 8938 se o valor de mercado de seus ativos financeiros estrangeiros for superior a US $ 50.000 no último dia do ano ou superior a US $ 75.000 a qualquer momento durante o ano. Os indivíduos casados ​​que executam em conjunto e residem nos Estados Unidos são obrigados a apresentar o Formulário 8938 se o valor de mercado de seus ativos financeiros estrangeiros for superior a US $ 100.000 no último dia do ano ou superior a US $ 150.000 a qualquer momento durante o ano. Os indivíduos casados ​​que executam separadamente e residem nos Estados Unidos devem apresentar o Formulário 8938 se o valor de mercado de seus ativos financeiros estrangeiros for superior a US $ 50.000 no último dia do ano ou superior a US $ 75.000 em qualquer momento durante o ano. O indivíduo não casado que reside fora dos Estados Unidos e que satisfaça os testes de presença física ou de presença física de boa-fé é obrigado a apresentar o Formulário 8938 se o valor de mercado de seus ativos financeiros estrangeiros for superior a US $ 200.000 no último dia do ano ou superior a US $ 300.000 a qualquer momento durante o ano. Os indivíduos casados ​​que executem residência conjunta fora dos Estados Unidos e que satisfazem os testes de presença física ou de presença de boa fé são obrigados a arquivar o Formulário 8938 se o valor de mercado de seus ativos financeiros estrangeiros for superior a US $ 400.000 no último dia do ano ou superior a US $ 600.000 em qualquer tempo durante o ano.

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Os indivíduos casados ​​que apresentam separadamente e que residem fora dos Estados Unidos e que satisfazem os testes de presença física ou de presença de boa fé são obrigados a arquivar o Formulário 8938 se o valor de mercado de seus ativos financeiros estrangeiros for superior a US $ 200.000 no último dia do ano ou superior a US $ 300.000 no a qualquer momento durante o ano.

Como valorar os ativos estrangeiros.

Os ativos financeiros estrangeiros são mensurados usando seu valor justo de mercado na moeda em que o activo é denominado. Os contribuintes terão de conhecer tanto o valor de mercado justo mais alto desse ativo em qualquer momento durante o ano como o valor justo de mercado no último dia do ano. Esses valores de mercado são então convertidos em dólares norte-americanos usando a taxa de câmbio no último dia do ano. Os contribuintes devem usar taxas de câmbio postadas pelo Serviço de Gestão Financeira do Departamento do Tesouro. Se essa página da Web não listar a moeda necessária, os contribuintes podem usar outros bancos de dados de troca de moeda disponíveis publicamente. Os contribuintes precisarão especificar a moeda estrangeira, a taxa de câmbio usada e a fonte das informações da taxa de câmbio, se não forem as publicadas no Serviço de Gerenciamento Financeiro.

Quando enviar o formulário 8938.

O formulário 8938 é arquivado com a declaração de imposto Form 1040. O arquivamento de uma extensão também amplia o tempo para o arquivo Form 8938.

A Estrutura da Forma 8938.

O formulário 8938 especifica todas as informações que precisam ser reportadas ao IRS. O formulário 8938 consiste em quatro partes:

A Parte I é para contas financeiras, como um depósito ou conta de custódia com uma instituição financeira.

A Parte II é para outros tipos de ativos financeiros, como ações, títulos e outros instrumentos financeiros.

O formulário 8938 tem espaço para apenas um ativo na Parte I e um recurso na Parte II. Os contribuintes podem usar tantos Formulários 8938 quanto necessário para relatar seus ativos financeiros estrangeiros.

A Parte III é um resumo que mostra onde a renda dos ativos financeiros estrangeiros é reportada em outro lugar na declaração de imposto.

A Parte IV é um resumo de certos tipos de ativos financeiros, exceto de informar no Formulário 8938 porque essa informação é relatada em outro lugar na declaração de imposto.

Como o Formulário 8938 se relaciona com o Relatório da Conta do Banco Estrangeiro.

O formulário 8938 se assemelha bastante às versões mais antigas do Relatório da Conta do Banco Estrangeiro (FBAR). Mas o Formulário 8938 requer maiores detalhes e serve um propósito diferente do FBAR. O propósito do Formulário 8938 é facilitar o cumprimento de uma lei de receita interna (FATCA) e faz parte da declaração de imposto, e é considerada uma informação de retorno de imposto confidencial. O objetivo do FBAR é o cumprimento da Lei de sigilo bancário, não faz parte da declaração de imposto, e não é considerada informação de retorno de imposto confidencial. Os FBARs podem ser e são compartilhados entre agências governamentais e são usados ​​principalmente pela Rede de Execução de Crimes Financeiros do Departamento do Tesouro para rastrear e combater o branqueamento de capitais internacional. O Formulário 8938 foi projetado para ser usado pelo Internal Revenue Service para combater a evasão fiscal internacional.

Além disso, o formulário 8938 solicita informações sobre ativos estrangeiros, que incluem contas externas que possuem ativos, enquanto o FBAR solicita informações apenas sobre contas externas.

Os contribuintes que têm o requisito de arquivar o Formulário 8938 provavelmente também têm a obrigação de reportar substancialmente a mesma informação no FBAR, que é arquivado separadamente com o Departamento do Tesouro. Uma FBAR é necessária se qualquer pessoa dos Estados Unidos (incluindo corporações e outras entidades) possuir pelo menos US $ 10.000 detidas em contas estrangeiras em qualquer momento durante o ano. No entanto, os tipos de contas financeiras reportados no FBAR diferem ligeiramente dos tipos de contas reportados no Formulário 8938.

Penalidades relativas ao formulário 8938.

O IRS pode impor uma penalidade de US $ 10.000 por não apresentar o Formulário 8938 até a data de vencimento da declaração de imposto (incluindo extensões) ou para preencher um Formulário 8938 incompleto ou imprevisto. Se o Formulário 8938 não tiver sido arquivado dentro de 90 dias de um formal aviso pelo IRS, então o IRS pode avaliar penas adicionais de US $ 10.000 por cada período de 30 dias (ou parte de um período de 30 dias) que o Formulário 8938 continua a não ser arquivado, até uma penalidade máxima de US $ 50.000.

Se nenhum Formulário 8938 for arquivado e o IRS determinar que um contribuinte possui um ou mais ativos financeiros estrangeiros necessários para serem reportados, o IRS pode assumir que o ativo financeiro estrangeiro tem valor suficiente para atender aos limiares de relatório. Podem ser renunciadas penalidades se o contribuinte puder demonstrar motivos razoáveis ​​para não reportar um ativo no Formulário 8938.

Perguntas e respostas básicas no formulário 8938.

Mais em arquivo.

Ativos financeiros estrangeiros especificados - Visão geral.

Exemplos específicos:

Dinheiro ou moeda estrangeira, imóveis, metais preciosos, arte e colecionáveis.

Ações ou valores mobiliários estrangeiros.

Cofre.

Conta de investimento da instituição financeira estrangeira.

Contas Financeiras Baseadas nos Estados Unidos (incluindo fundos de investimento dos EUA, IRAs, planos 401 (k), etc.)

Pensões estrangeiras, planos de remuneração diferidos ou "segurança social" estrangeira

Relatórios, arquivamento e requisitos de avaliação.

Ativos financeiros estrangeiros especificados - Visão geral.

Q1. Quais são os ativos financeiros estrangeiros especificados que eu preciso relatar no Formulário 8938?

Se você for obrigado a apresentar o Formulário 8938, você deve informar suas contas financeiras mantidas por uma instituição financeira estrangeira. Exemplos de contas financeiras incluem:

Conta de poupança, depósito, cheque e corretagem realizada com um banco ou corretor.

E, na medida em que é mantida para investimento e não realizada em uma conta financeira, você deve reportar ações ou valores mobiliários emitidos por alguém que não é uma pessoa dos EUA, qualquer outro interesse em uma entidade estrangeira e qualquer instrumento financeiro ou contrato mantido para investimento com um emissor ou contraparte que não é uma pessoa dos EUA. Exemplos desses ativos que devem ser reportados se não contidos em uma conta incluem:

Ações ou valores mobiliários emitidos por uma empresa estrangeira; Uma nota, caução ou debênture emitida por uma pessoa estrangeira; Um swap de taxa de juros, swap de moeda, swap de base, limite de taxa de juros, piso de taxa de juros, swap de commodities, equity swap, swap de índice de ações, swap de inadimplência de crédito ou contrato similar com uma contraparte estrangeira; Uma opção ou outro instrumento derivado em relação a qualquer desses exemplos ou em relação a qualquer moeda ou mercadoria que seja celebrada com uma contraparte ou emissor estrangeiro; Um interesse de parceria em uma parceria estrangeira; Um interesse em um plano de aposentadoria estrangeira ou plano de remuneração diferido; Um interesse em uma propriedade estrangeira; Qualquer interesse em um contrato de seguro emitido pelo estrangeiro ou anuidade com um valor de resgate de dinheiro.

Os exemplos listados acima não compreendem uma lista exclusiva de ativos necessários para serem reportados.

Exemplos específicos:

Dinheiro ou moeda estrangeira, imóveis, metais preciosos, arte e colecionáveis.

Q1. Eu mantenho diretamente moeda estrangeira (ou seja, a moeda não está em uma conta financeira). Preciso denunciar isso no Formulário 8938?

A moeda estrangeira não é um activo financeiro estrangeiro especificado e não é reportável no Formulário 8938.

Q2. O imobiliário estrangeiro precisa ser reportado no Formulário 8938?

O imobiliário estrangeiro não é um activo financeiro estrangeiro especificado que deve ser reportado no Formulário 8938. Por exemplo, uma residência pessoal ou uma propriedade de aluguel não precisa ser reportada.

Se o imóvel é realizado através de uma entidade estrangeira, como uma corporação, parceria, confiança ou propriedade, o interesse na entidade é um activo financeiro estrangeiro especificado que é reportado no Formulário 8938, se o valor total de todos os seus estrangeiros especificados Os ativos financeiros são maiores que o limite de relatórios que se aplica a você. O valor do imóvel detido pela entidade é levado em consideração na determinação do valor do interesse na entidade a ser reportada no Formulário 8938, mas o próprio imóvel não é reportado separadamente no Formulário 8938.

Q3. Eu deixo diretamente ativos tangíveis para investimento, como arte, antiguidades, jóias, carros e outros objetos de coleção, em um país estrangeiro. Preciso denunciar esses ativos no formulário 8938?

Não. Os ativos tangíveis de propriedade direta, como arte, antiguidades, jóias, carros e outros objetos de coleção, não são ativos financeiros estrangeiros especificados.

Q4. Tenho diretamente metais preciosos para investimentos, como ouro, em um país estrangeiro. Preciso denunciar esses ativos no formulário 8938?

Não. Os metais preciosos de titularidade direta, como o ouro, não são ativos financeiros estrangeiros especificados. Observe, no entanto, que os certificados de ouro emitidos por uma pessoa estrangeira podem ser um ativo financeiro estrangeiro especificado que você deveria informar no Formulário 8938, se o valor total de todos os seus ativos financeiros estrangeiros especificados for maior que o limite de relatório que se aplica a você .

Q5. Este ano fiscal eu vendi metais preciosos que eu segurei por investimento para uma pessoa estrangeira. Tenho que denunciar o contrato de venda no Formulário 8938?

O contrato com a pessoa estrangeira para vender ativos mantidos para investimento é um ativo de investimento de ativos financeiros estrangeiros especificado que você deve informar no Formulário 8938, se o valor total de todos os seus ativos financeiros estrangeiros especificados for maior que o limite de relatório que se aplica a você .

Ações ou valores mobiliários estrangeiros.

Q1. Eu adquiri ou herdou ações ou títulos estrangeiros, como títulos. Preciso denunciar isso no formulário 8938?

Ações ou títulos estrangeiros, se você os mantiver fora de uma conta financeira, devem ser reportados no Formulário 8938, desde que o valor de seus ativos financeiros estrangeiros especificados seja maior que o limite de relatório que se aplica a você. Se você possuir ações ou títulos estrangeiros dentro de uma conta financeira, não divulga as ações ou títulos no Formulário 8938. Para obter mais informações sobre o relatório das participações das contas financeiras, consulte as Perguntas Freqüentes 8 e 9.

Q2. Eu deixo diretamente ações de um fundo mútuo dos EUA que possui ações e títulos estrangeiros. Preciso relatar as ações do fundo mútuo dos EUA ou os títulos e valores mobiliários detidos pelo fundo mútuo no Formulário 8938?

Se você detém diretamente ações de um fundo mútuo dos EUA, não precisa denunciar o fundo mútuo ou as participações do fundo mútuo.

Cofre.

Q1. Tenho um cofre em uma instituição financeira estrangeira. O próprio depósito é considerado uma conta financeira?

Não, um cofre não é uma conta financeira.

Conta de investimento da instituição financeira estrangeira.

Q1. Tenho uma conta financeira mantida por uma instituição financeira estrangeira que detém ativos de investimento. Preciso relatar a conta financeira se todos ou alguns dos ativos de investimento na conta são ações, títulos ou fundos de investimento emitidos por uma pessoa dos EUA?

Se você tem uma conta financeira mantida por uma instituição financeira estrangeira e o valor de seus ativos financeiros estrangeiros especificados é maior do que o limite de relatório que se aplica a você, você precisa denunciar a conta no Formulário 8938. Uma conta estrangeira é um financeiro estrangeiro especificado ativos, mesmo que seus conteúdos incluam, no todo ou em parte, ativos de investimento emitidos por uma pessoa dos EUA. Você não precisa relatar separadamente os ativos de uma conta financeira no Formulário 8938, independentemente de os ativos serem ou não emitidos por uma pessoa dos EUA ou por uma pessoa que não seja dos EUA.

Contas Financeiras Baseadas nos Estados Unidos (incluindo fundos de investimento dos EUA, IRAs, planos 401 (k), etc.)

Q1. Tenho uma conta financeira com um ramo dos EUA de uma instituição financeira estrangeira. Preciso denunciar esta conta no formulário 8938?

Uma conta financeira, como uma conta depositária, custódia ou aposentadoria, em uma sucursal dos EUA de uma instituição financeira estrangeira é uma exceção à regra geral de que uma conta financeira mantida por uma instituição financeira estrangeira é um ativo financeiro estrangeiro especificado. Uma conta financeira mantida por uma filial dos EUA ou uma subsidiária dos Estados Unidos de uma instituição financeira estrangeira não precisa ser reportada no Formulário 8938 e quaisquer ativos financeiros estrangeiros especificados nessa conta também não precisam ser reportados.

Q2. Tenho uma conta financeira mantida por uma instituição financeira dos EUA (incluindo fundos de investimento dos EUA, IRAs e Planos 401 (K) que detém ações e valores mobiliários estrangeiros. Preciso relatar a conta financeira ou suas participações?

Você não precisa denunciar uma conta financeira mantida por uma instituição financeira dos EUA ou suas participações. Exemplos de contas financeiras mantidas pelas instituições financeiras dos EUA incluem:

U. S. Fundos de fundos mútuos IRAs (tradicional ou Roth) 401 (k) planos de aposentadoria Planos de aposentadoria de aposentados estaduais Corretoras mantidas por instituições financeiras dos EUA.

Q3. Possui ações e valores mobiliários estrangeiros através de uma filial estrangeira de uma instituição financeira com sede nos Estados Unidos. Preciso denunciar isso no formulário 8938?

Se uma conta financeira, como uma conta depositária, custódia ou aposentadoria, é realizada por meio de uma agência estrangeira ou de uma subsidiária estrangeira de uma instituição financeira com sede nos Estados Unidos, a conta externa não é um activo financeiro estrangeiro especificado e não é obrigado a ser reportado em Formulário 8938.

Pensões estrangeiras, planos de remuneração diferidos ou "segurança social" estrangeira

Q1. Tenho interesse em uma pensão estrangeira ou plano de remuneração diferida. Preciso denunciá-lo no formulário 8938?

Se você tiver interesse em uma pensão estrangeira ou plano de remuneração diferida, você deve denunciar esses juros no Formulário 8938 se o valor de seus ativos financeiros estrangeiros especificados for maior que o limite de relatório que se aplica a você.

Q2. Eu sou um contribuinte dos EUA e ganhei um direito à segurança social estrangeira. Preciso denunciar isso no Formulário 8938?

Os pagamentos ou os direitos de receber o equivalente estrangeiro de segurança social, benefícios de seguro social ou outro programa similar de um governo estrangeiro não são ativos financeiros estrangeiros especificados e não são reportáveis.

Q3. Sou um beneficiário de uma propriedade estrangeira. Preciso informar meu interesse em uma propriedade estrangeira no Formulário 8938?

Geralmente, um interesse em uma propriedade estrangeira é um activo financeiro estrangeiro especificado que é reportável no Formulário 8938 se o valor total de todos os seus ativos financeiros estrangeiros especificados for maior que o limite de relatório que se aplica a você.

Relatórios, arquivamento e requisitos de avaliação.

Q1. Eu sou um contribuinte dos EUA, mas não sou obrigado a apresentar uma declaração de imposto de renda. Preciso apresentar o Formulário 8938?

Os contribuintes que não são obrigados a apresentar uma declaração de imposto de renda não são obrigados a arquivar o Formulário 8938.

Q2. Se eu tiver que arquivar o Formulário 8938, devo informar todos os meus ativos financeiros estrangeiros especificados, independentemente de os ativos terem um valor máximo de miminis durante o ano fiscal?

Se você atende ao limite de relatório aplicável, você deve reportar todos os seus ativos financeiros estrangeiros especificados, incluindo os ativos financeiros estrangeiros especificados que tenham um valor máximo de minimis durante o ano fiscal. Para as exceções ao relatório, veja Exceções ao Relatório na página 6 das instruções para o Formulário 8938.

Q3. Eu arquivei minha declaração de imposto de renda, mas agora percebi que eu deveria ter arquivado o formulário 8938 com meu retorno, o que devo fazer?

Se você omitiu o Formulário 8938 quando arquivou sua declaração de imposto de renda, você deve apresentar o Formulário 1040X, Declaração de imposto de renda individual alterada dos EUA, com seu Formulário 8938 em anexo.

Q4. Tenho que arquivar o formulário 8938 e FinCEN Formulário 114, Relatório de Banco Externo e Contas Financeiras (FBAR)?

A apresentação do formulário 8938 não o dispensa do requisito separado de arquivar o FBAR se você for obrigado a fazê-lo, e vice-versa. Dependendo da sua situação, você pode ser obrigado a apresentar o Formulário 8938 ou o FBAR ou ambos os formulários, e certas contas externas podem ser obrigadas a serem reportadas em ambos os formulários.

Q5. Tenho vários ativos financeiros estrangeiros especificados para informar no Formulário 8938. Existe uma folha de continuação para o Formulário 8938?

Se você tiver mais de uma conta ou ativo para relatar na Parte I ou Parte II do Formulário 8938 ou mais do que um emissor ou contraparte para denunciar na Parte II do Formulário 8938, copie quantas partes e / ou II em branco você precisa para completar e anexá-los ao formulário 8938. Marque a caixa "Se você anexou folhas adicionais, clique aqui" na parte superior do formulário 8938.

Q6. Preciso contratar um avaliador certificado ou atuário para determinar o valor justo de mercado de um determinado ativo financeiro estrangeiro? Por exemplo, se eu tiver um plano estrangeiro de benefício definido, preciso obter os serviços de um atuário?

You may determine the fair market value of a foreign financial account for the purpose of reporting its maximum value based on periodic account statements unless you have reason to know that the statements do not reflect a reasonable estimate of the maximum value of the account during the tax year. For a specified foreign financial asset not held in a financial account, you may determine the fair market value of the asset for the purpose of reporting its maximum value based on information publicly available from reliable financial information sources or from other verifiable sources. Even if there is no information from a reliable financial information source or other verifiable source, you do not need to obtain an appraisal by a third party in order to reasonably estimate the asset’s maximum value during the tax year.

Q7. How do I value my interest in a foreign pension or deferred compensation plan for purposes of reporting this on Form 8938?

In general, the value of your interest in the foreign pension plan or deferred compensation plan is the fair market value of your beneficial interest in the plan on the last day of the year. However, if you do not know or have reason to know based on readily accessible information the fair market value of your beneficial interest in the pension or deferred compensation plan on the last day of the year, the maximum value is the value of the cash and/or other property distributed to you during the year. This same value is used in determining whether you have met your reporting threshold.

If you do not know or have reason to know based on readily accessible information the fair market value of your beneficial interest in the pension plan or deferred compensation plan on the last day of the year and you did not receive any distributions from the plan, the value of your interest in the plan is zero. In this circumstance, you should also use a value of zero for the plan in determining whether you have met your reporting threshold. If you have met the reporting threshold and are required to file Form 8938, you should report the plan and indicate that its maximum is zero.

Part III: US Tax Treatment: Stock Options from Your Foreign Employer – Elections, Traps and Reporting.

Part I of this blog post examined the tax treatment of stock options received from a foreign corporate employer, including the possible advantages in making a so-called Section 83(b) election. Part II of this blog post provided detailed information about how to make the election, when and where to file it and the ine of information to be provided to the Internal Revenue Service when making the election. This week’s post covers a dangerous tax trap involved upon receipt of an option from a foreign employer and the FATCA reporting rules that must be met with respect to such an option.

Possible Tax Trap: Can Section 409A Apply to the Grant of the Stock Option?

Section 409A of the US Internal Revenue Code applies to compensation that workers earn in one year, but that is paid in a future year and is referred to as nonqualified deferred compensation. Isso é diferente da remuneração diferida sob a forma de diferimentos eletivos para planos qualificados (como um plano 401 (k)) ou para um plano 403 (b) ou 457 (b). For example if an employer’s stock option arrangement granted the stock option in Year 1, but gave the employee the right to exercise that option in the succeeding taxable year, the option could be subject to Section 409A.

An option that is granted with an exercise price that is less than the fair market value of the underlying stock on the date the option was granted (commonly referred to as a “discounted” stock option), is considered to be a form of nonqualified deferred compensation. When a discounted stock option “vests”, Section 409A imposes penalties on the option holder, unless the discounted stock option meets the formal requirements of Code Section 409A. If the arrangement fails to comply with the requirements of Section 409A then all amounts deferred by the employee are included in his / her income in the year in which the amounts are deferred, or, if later, at the time of vesting, even if the options are not exercised. In addition, the includable income is subject to an additional 20% income tax under Section 409A. Furthermore, interest is charged at the underpayment rate plus 1 percent from the time the amount was first deferred, or when vesting occurs (if later) up to the time the amount is included in income.

When a business is starting up or when a business is bought out, stock options will frequently be encountered. With start-ups, options are used to compensate for what is referred to as “sweat equity” or below-market salaries. Options can also provide an incentive to work harder and stay with the growing business since the options give recipients a stake in the company’s future. When a business is being bought out, it is common that the buy-out plan will involve the acceleration of vesting and the cashing out of options. In these cases, caution is the order of the day. Section 409A may subject the option holder to punitive taxes.

FATCA Reporting of Stock Option on Form 8938.

It is easy to forget that an option granted with respect to foreign stock is reportable on Form 8938 as a “Specified Foreign Financial Asset” even if the taxpayer does not plan to exercise the option. This has been made clear in the final Treasury Regulations contained in Section 1.6038D-3, relevant portion quoted below. You can read more details about specified foreign financial assets and Form 8938 at my tax blog posting here.

“(d) Examples . Examples of assets other than financial accounts that may be considered other specified foreign financial assets include, but are not limited to—

(1) Stock issued by a foreign corporation;

(2) A capital or profits interest in a foreign partnership;

(3) A note, bond, debenture, or other form of indebtedness issued by a foreign person;

(4) An interest in a foreign trust;

(5) An interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement with a foreign counterparty; e,

(6) Any option or other derivative instrument with respect to any of the items listed as examples in this paragraph or with respect to any currency or commodity that is entered into with a foreign counterparty or issuer.”

It should be noted that receipt of such a stock option would not be reportable on FinCEN Form 114 (also known as FBAR) assuming the option is not held in any type of foreign account. You can read more about FBARs here.

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Virginia La Torre Jeker J. D., BASEADA EM DUBAI.

Virginia La Torre Jeker, J. D.

VLJ US Assessoria Fiscal, FZE.

Emirados Árabes Unidos.

Tel: +971 4 885 8202.

Móvel: +971 50 551 3011.

Um olhar atualizado sobre assuntos fiscais dos EUA para os American Expats, investidores estrangeiros no mercado dos EUA ou outras pessoas estrangeiras que tenham conexões com os EUA.

Instructions for Form 8938 (2016)

Statement of Specified Foreign Financial Assets.

Referências de seção são para o Internal Revenue Code, salvo indicação em contrário.

Instruções gerais.

The IRS has created a page on IRS. gov for information about Form 8938 and its instructions, at irs. gov/form8938. Information about any future developments affecting Form 8938 (such as legislation enacted after we release it) will be posted on that page.

Specified domestic entity reporting.

For tax years beginning after December 31, 2015, certain domestic corporations, partnerships, and trusts that are considered formed or availed of for the purpose of holding, directly or indirectly, specified foreign financial assets (specified domestic entities) must file Form 8938 if the total value of those assets exceeds $50,000 on the last day of the tax year or $75,000 at any time during the tax year.

For more information on domestic corporations, partnerships, and trusts that are specified domestic entities and must file Form 8938, and the types of specified foreign financial assets that must be reported, see Who Must File , Specified Domestic Entity , Specified Foreign Financial Assets , Interests in Specified Foreign Financial Assets , and Assets Not Required To Be Reported , later.

The identifying information section at the top of page 1 of Form 8938 was revised to incorporate the Form 8938 filing requirement by certain domestic entities. These revisions include the following:

New line 3, Type of Filer, was added, with checkboxes identifying the type of Form 8938 filer.

New line 4 was added for partnerships, corporations, and trusts to provide the name and TIN of the specified individual who closely holds the partnership or corporation, or the specified person (that is, a specified individual or a specified domestic entity) that is a current beneficiary of the trust. See Specified Individual and Current beneficiary , later.

Global Intermediary Identification Number (GIIN).

On pages 2 and 3 of the form, line 7b of Parts V and VI was revised to request the reporting of any GIIN associated with the specified foreign financial asset reported on line 7a of Parts V or VI . Reporting the GIIN on Form 8938 is optional.

Purpose of Form.

Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold. See Reporting Thresholds, later.

Filing Form 8938 does not relieve you of the requirement to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), if you are otherwise required to file the FBAR. See FinCEN Form 114 and its instructions for FBAR filing requirements. See Comparison of Form 8938 and FBAR Requirements, available at irs. gov/Businesses/Comparison-of-Form-8938-and-FBAR-Requirements, for a chart comparing Form 8938 and FBAR filing requirements.

When and How To File.

Attach Form 8938 to your annual return and file by the due date (including extensions) for that return.

An annual return includes the following returns.

A reference to an "annual return" or "income tax return" in the instructions includes a reference to any return listed here, whether it is an income tax return or an information return.

Do not send a Form 8938 to the IRS unless it is attached to an annual return or an amended return.

Who Must File.

Unless an exception applies, you must file Form 8938 if you are a specified person (either a specified individual or a specified domestic entity) that has an interest in specified foreign financial assets and the value of those assets is more than the applicable reporting threshold.

If you are required to file Form 8938, you must report the specified foreign financial assets in which you have an interest even if none of the assets affects your tax liability for the year. See Specified Individual, Specified Domestic Entity, and Reporting Thresholds, later.

If you do not have to file an income tax return for the tax year, you do not have to file Form 8938, even if the value of your specified foreign financial assets is more than the appropriate reporting threshold.

Specified Individual.

You are a specified individual if you are one of the following.

A resident alien of the United States for any part of the tax year (but see Reporting Period, later).

A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return.

A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. See Pub. 570, Tax Guide for Individuals With Income From U. S. Possessions, for a definition of bona fide resident.

You are a resident alien if you are treated as a resident alien for U. S. tax purposes under the green card test or the substantial presence test. For more information, see Pub. 519, U. S. Tax Guide for Aliens. If you qualify as a resident alien under either rule, you are a specified individual.

Special rule for dual resident taxpayers.

If you are a dual resident taxpayer (within the meaning of Treasury Regulations section 301.7701(b)-7(a)(1)), who determines his or her income tax liability for all or a portion of the taxable year as if he or she were a nonresident alien as provided by Treasury Regulations section 301.7701(b)-7, file Form 8938 as follows:

Specified individual filing as a nonresident alien at the end of his or her taxable year.

You are not required to report specified foreign financial assets on Form 8938 for the portion of your taxable year covered by Form 1040NR or Form 1040NR-EZ, provided you comply with the filing requirements of Treasury Regulations section 301.7701(b)-7(b) and (c), including the requirement to timely file Form 1040NR or Form 1040NR-EZ, as applicable, and attach Form 8833.

Specified individual filing as a resident alien at the end of his or her taxable year.

You are not required to report specified foreign financial assets on Form 8938 for the portion of your taxable year reflected on the schedule to Form 1040 or the schedule to Form 1040EZ, as applicable, required by Treasury Regulations section 1.6012-1(b)(ii)(a), provided you comply with the filing requirements of Treasury Regulations section 1.6012-1(b)(2)(ii)(a), including the requirement to timely file Form 1040 or Form 1040EZ and attach a properly completed Form 8833.

Specified Domestic Entity.

You are a specified domestic entity if you are one of the following.

A closely held domestic corporation that has at least 50 percent of its gross income from passive income.

A closely held domestic corporation if at least 50 percent of its assets produce or are held for the production of passive income (see Passive income and Percentage of passive assets held by a corporation or partnership. , later)

A closely held domestic partnership that has at least 50 percent of its gross income from passive income.

A closely held domestic partnership if at least 50 percent of its assets produce or are held for the production of passive income (see Passive income, and Percentage of passive assets held by a corporation or partnership , later).

A domestic trust described in section 7701(a)(30)(E) that has one or more specified persons (a specified individual or a specified domestic entity) as a current beneficiary.

Closely held domestic corporation.

A domestic corporation is closely held if, on the last day of the corporation’s taxable year, a specified individual directly, indirectly, or constructively owns at least 80 percent of the total combined voting power of all classes of stock of the corporation entitled to vote or at least 80 percent of the total value of the stock of the corporation.

Closely held domestic partnership.

A domestic partnership is closely held if, on the last day of the partnership’s taxable year, a specified individual directly, indirectly, or constructively holds at least 80 percent of the capital or profits interest in the partnership.

Sections 267(c) and (e)(3) apply for purposes of determining a specified individual’s constructive ownership in a domestic corporation or partnership, except that section 267(c)(4) is applied as if the family of an individual includes the spouses of the specified individual’s family members.

Passive income means the portion of gross income that consists of:

Dividends, including substitute dividends,

Income equivalent to interest, including substitute interest,

Rents and royalties, other than rents and royalties derived in the active conduct of a trade or business conducted, at least in part, by employees of the corporation or partnership,

The excess of gains over losses from the sale or exchange of property described in Regulations section 1.6038D-6(b)(3)(i)(F) and that give rise to the types of passive income listed above,

The excess of gains over losses from transactions (including futures, forwards, and similar transactions) in any commodity, but not including,

Any commodity hedging transaction described in section 954(c)(5)(A), or.

Active business gains or losses from the sale of commodities, but only if substantially all the corporation’s or partnership’s commodities are property described in paragraph (1), (2), or (8) of section 1221(a),

The excess of foreign currency gains over foreign currency losses (as defined in section 988(b)) attributable to any section 988 transaction, and.

Net income from notional principal contracts.

Exception from passive income treatment for dealers.

In the case of a domestic corporation or partnership regularly acting as a dealer in property described in Regulations section 1.6038D-6(b)(3)(i)(F), forward contracts, options contracts, or similar financial instruments (including notional principal contracts and all instruments referenced to commodities) passive income does not include the following:

Any item of income or gain (other than any dividends or interest) from any transaction (including hedging transactions and transactions involving physical settlement) entered into in the ordinary course of such dealer’s trade or business as such a dealer.

In the case of a corporation or partnership that is a dealer in securities (within the meaning of section 475(c)(2)), any income from any transaction entered into in the ordinary course of the corporation’s or partnership’s trade or business as a dealer in securities.

Passive income or assets of related corporations and partnerships.

For purposes of determining whether a domestic corporation or partnership meets the passive income or asset test, domestic corporations and domestic partnerships that are closely held by the same specified individual and that are connected through stock or partnership ownership with a common parent corporation or partnership are treated as owning the combined assets and receiving the combined income of all members of that group. For this purpose, any contract, equity, or debt existing between members of the group, as well as any items of gross income arising from that contract, equity, or debt is eliminated.

Connected stock or partnership ownership.

A domestic corporation or partnership is considered connected through stock or partnership interest ownership with a common parent corporation or partnership in the following circumstances.

Stock representing at least 80 percent of the total combined voting power of all classes of stock of the corporation entitled to vote or of the value of such corporation, other than stock of the common parent, is owned by one or more of the other connected corporations, connected partnerships, or the common parent.

Partnership interests representing at least 80 percent of the profits interests or capital interests of the partnership, other than partnership interests in the common parent, is owned by one or more of the other connected corporations, connected partnerships, or the common parent.

Percentage of passive assets held by a corporation or partnership.

For purposes of determining whether at least 50 percent of your assets produce or are held for the production of passive income, the percentage of passive assets held by the corporation or partnership for a taxable year is the weighted average percentage of passive assets (weighted by total assets and measured quarterly). The value of assets of the corporation or partnership is the fair market value or the book value. The book value of assets is the amount reflected on the corporation’s or partnership’s balance sheet and may be determined under either a U. S. or an international financial accounting standard. See example below, which illustrates the application of this weighted average asset rule.

The following example illustrates the application of the weighted average asset rule.

A trust described in section 7701(a)(30)(E) is considered a specified domestic entity if and only if the trust has one or more specified persons (a specified individual or a specified domestic entity) as a current beneficiary for the taxable year.

Current beneficiary.

With respect to a taxable year, a current beneficiary is any person who at any time during the taxable year is entitled to, or at the discretion of any person may receive, a distribution from the principal or income of the trust (determined without regard to any power of appointment to the extent that such power remains unexercised at the end of the taxable year).

Special rule for general powers of appointment.

A current beneficiary also includes any holder of a general power of appointment, whether or not exercised, that was exercisable at any time during the taxable year. A holder of a general power of appointment that is exercisable only on the death of the holder is not a current beneficiary.

Excepted Specified Domestic Entities.

Entities described in section 1473(3).

An entity described in section 1473(3) and the regulations thereunder, with the exception of a trust that is exempt from tax under section 664(c), is not a specified domestic entity.

Certain domestic trusts.

A trust described in section 7701(a)(30)(E) is not considered a specified domestic entity, provided that:

The trustee is one of the following:

A bank that is examined by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, or the National Credit Union Administration,

A financial institution that is registered with and regulated or examined by the Securities and Exchange Commission, or.

A domestic corporation described in section 1473(3)(A) or (B), and the regulations issued with respect to those provisions,

The trustee has supervisory authority over or fiduciary obligations with regard to the specified foreign financial assets held by the trust, and.

The trustee files annual returns and information returns by the due date (including any applicable extensions) on behalf of the trust.

Domestic trusts owned by one or more specified persons.

A trust described in section 7701(a)(30)(E) to the extent the trust or any portion of the trust is treated as owned by one or more specified persons under sections 671 through 678 and the regulations.

Reporting Thresholds.

Reporting Thresholds Applying to Specified Individuals.

If you are a specified individual, your applicable reporting threshold depends upon whether you are married, file a joint federal income tax return, and live inside (or outside) the United States.

Taxpayers living in the United States.

If you do not live outside the United States, you satisfy the reporting threshold discussed next that applies to you and no exception applies, file Form 8938 with your income tax return.

Unmarried taxpayers.

If you are not married, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

Married taxpayers filing a joint income tax return.

If you are married and you and your spouse file a joint income tax return, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.

Married taxpayers filing separate income tax returns.

If you are married and file a separate income tax return from your spouse, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

Taxpayers living outside the United States.

If your tax home is in a foreign country, you meet one of the presence abroad tests described next, and no exception applies, file Form 8938 with your income tax return if you satisfy the reporting threshold discussed next that applies to you.

Unmarried taxpayers.

If you are not married, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the tax year.

Married taxpayers filing a joint income tax return.

If you are married and you and your spouse file a joint income tax return, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the tax year.

Married taxpayers filing separate income tax returns.

If you are married and file a separate income tax return from your spouse, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the tax year.

Presence abroad.

You satisfy the presence abroad test if you are one of the following.

A U. S. citizen who has been a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year.

A U. S. citizen or resident who is present in a foreign country or countries at least 330 full days during any period of 12 consecutive months that ends in the tax year being reported.

Reporting Thresholds Applying to Specified Domestic Entities.

If you are a specified domestic entity, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

Determining the Total Value of Your Specified Foreign Financial Assets.

You must figure the total value of the specified foreign financial assets in which you have an interest to determine if you satisfy the reporting threshold that applies to you. To determine if you have an interest in a specified foreign financial asset, see Interests in Specified Foreign Financial Assets, later.

Valuing specified foreign financial assets.

The value of a specified foreign financial asset for purposes of determining the total value of specified foreign financial assets in which you have an interest during the tax year or on the last day of the tax year is the asset's fair market value. For purposes of figuring the total value of specified foreign financial assets, the value of a specified foreign financial asset denominated in a foreign currency must be first determined in the foreign currency and then converted to U. S. dollars. See Foreign currency conversion in Reporting Maximum Value, later, for rules on determining and applying the appropriate foreign currency exchange rate.

Value of an interest in a foreign trust during the tax year.

If you do not know or have reason to know based on readily accessible information the fair market value of your interest in a foreign trust during the tax year, the value to be included in determining the total value of your specified foreign financial assets during the tax year is the maximum value of your interest in the foreign trust. See Valuing interests in foreign trusts in Reporting Maximum Value, later, for rules on determining the maximum value of an interest in a foreign trust.

Value of an interest in a foreign estate, foreign pension plan, and foreign deferred compensation plan.

If you do not know or have reason to know based on readily accessible information the fair market value of your interest in a foreign estate, foreign pension plan, or foreign deferred compensation plan during the tax year, the value to be included in determining the total value of your specified foreign financial assets during the tax year is the fair market value, determined as of the last day of the tax year, of the currency and other property distributed during the tax year to you. If you received no distributions during the tax year and do not know or have reason to know based on readily accessible information the fair market value of your interest, use a value of zero for the interest.

Asset with no positive value.

If the maximum value of a specified foreign financial asset is less than zero, use a value of zero for the asset.

If you jointly own an asset with someone else, the value that you use to determine the total value of all of your specified foreign financial assets depends on whether the other owner is your spouse and, if so, whether your spouse is a specified individual and whether you file a joint or separate return.

Joint ownership with spouse filing joint income tax return.

If you and your spouse file a joint income tax return and, therefore, would file one combined Form 8938 for the tax year, include the value of the asset jointly owned with your spouse only once to determine the total value of all of the specified foreign financial assets you and your spouse own.

Joint ownership with spouse filing separate income tax return. Joint interestsJoint ownership with spouse filing separate income tax return.

If you and your spouse are specified individuals and you each file a separate annual return, include one-half of the value of the asset jointly owned with your spouse to determine the total value of all of your specified foreign financial assets.

Joint ownership with a spouse who is not a specified individual or someone other than a spouse. Joint interestsJoint ownership with a spouse who is not a specified individual or someone other than a spouse.

Each joint owner includes the entire value of the jointly owned asset to determine the total value of all of that joint owner's specified foreign financial assets.

Special Rules.

Assets reported on another form.

Specified individual.

If you are a specified individual, include the value of all specified foreign financial assets, even if they are reported on another form listed in Part IV , to determine if you satisfy the reporting threshold that applies to you. See Part IV. Excepted Specified Foreign Financial Assets , later.

Specified domestic entity.

If you are a specified domestic entity, exclude the value of any specified foreign financial asset reported on another form listed in Part IV , to determine if you satisfy the applicable reporting threshold.

Bona fide resident of a U. S. possession.

Do not include the value of specified foreign financial assets you are not required to report because you are a bona fide resident of a U. S. possession. See Bona fide resident of a U. S. possession, under Exceptions to Reporting, later.

Owners of certain domestic trusts.

Do not include the value of specified foreign financial assets you are not required to report because you are an owner of a domestic widely-held fixed investment trust or a domestic liquidating trust created under chapter 7 or chapter 11 of the Bankruptcy Code. See Domestic investment trusts, and Domestic bankruptcy trusts, under Exceptions to Reporting, later.

Related domestic corporations and partnerships.

To determine if you satisfy the applicable reporting threshold, a specified domestic entity that is a corporation or partnership and that has an interest in any specified foreign financial asset is treated as owning all specified foreign financial assets held by all related corporations or partnerships that are closely held by the same specified individual (excluding specified foreign financial assets that are excluded from reporting under Part IV of Form 8938 or because you are the owner of a domestic widely-held fixed investment trust or a domestic liquidating trust created under chapter 7 or chapter 11 of the Bankruptcy Code).

These examples may help you decide if you have to file Form 8938.

I am not married and do not live abroad. The total value of my specified foreign financial assets does not exceed $49,000 during the tax year.

You do not have to file Form 8938. You do not satisfy the reporting threshold of more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

I am not married and do not live abroad. I sold my only specified foreign financial asset on October 15, when its value was $125,000.

You have to file Form 8938. You satisfy the reporting threshold even though you do not hold any specified foreign financial assets on the last day of the tax year because you did own specified foreign financial assets of more than $75,000 at any time during the tax year.

I am not married and do not live abroad. An unrelated U. S. resident and I jointly own a specified foreign financial asset valued at $60,000.

You each have to file Form 8938. You each satisfy the reporting threshold of more than $50,000 on the last day of the tax year.

I am not married and do not live abroad. I own an entity disregarded for tax purposes, which owns one specified foreign financial asset valued at $30,000. In addition, I own a specified foreign financial asset valued at $25,000.

You have to file Form 8938. You own both the specified foreign financial asset owned by the disregarded entity and the specified foreign financial asset you own directly, for a total value of $55,000. You satisfy the reporting threshold of more than $50,000 on the last day of the tax year.

My spouse and I do not live abroad and file a joint income tax return. We jointly own a single specified foreign financial asset valued at $60,000.

You and your spouse do not have to file Form 8938. You do not satisfy the reporting threshold of more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.

My spouse and I do not live abroad, file a joint income tax return, and jointly and individually own specified foreign financial assets. On the last day of the tax year, my spouse and I jointly own a specified foreign financial asset with a value of $90,000. My spouse has a separate interest in a specified foreign financial asset with a value of $10,000. I have a separate interest in a specified foreign financial asset with a value of $1,000.

You and your spouse have to file a combined Form 8938. You and your spouse have an interest in specified foreign financial assets in the amount of $101,000 on the last day of the tax year. This is the entire value of the specified foreign financial asset that you jointly own, $90,000, plus the value of the asset that your spouse separately owns, $10,000, plus the value of the asset that you separately own, $1,000. You and your spouse satisfy the reporting threshold of more than $100,000 on the last day of the tax year.

My spouse and I do not live abroad, file separate income tax returns, and jointly own a specified foreign financial asset valued at $60,000 for the entire year.

Neither you nor your spouse has to file Form 8938. You each use one-half of the value of the asset, $30,000, to determine the total value of specified foreign financial assets that you each own. Neither of you satisfies the reporting threshold of more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

My spouse and I file separate income tax returns, jointly and individually own specified foreign financial assets, and do not live abroad. On the last day of the tax year, my spouse and I jointly own a specified foreign financial asset with a value of $90,000. My spouse has a separate interest in a specified foreign financial asset with a value of $10,000. I have a separate interest in a specified foreign financial asset with a value of $1,000.

You do not have to file Form 8938 but your spouse does. Your spouse has an interest in specified foreign financial assets in the amount of $55,000 on the last day of the tax year. This is one-half of the value of the asset that you jointly own, $45,000, plus the entire value of the asset that your spouse separately owns, $10,000. You have an interest in specified foreign financial assets in the amount of $46,000 on the last day of the tax year. This is one-half of the value of the asset that you jointly own, $45,000, plus the entire value of the asset that you separately own, $1,000. Your spouse satisfies the reporting threshold of more than $50,000 on the last day of the tax year. You do not satisfy the reporting threshold of more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

My spouse and I are U. S. citizens but live abroad for the entire tax year and file a joint income tax return. The total value of our combined specified foreign financial assets on any day of the tax year is $150,000.

You and your spouse do not have to file Form 8938. You do not satisfy the reporting threshold of more than $400,000 on the last day of the tax year or more than $600,000 at any time during the tax year for married individuals who live abroad and file a joint income tax return.

My spouse and I live abroad and file separate income tax returns. My spouse is not a specified individual. On the last day of the tax year, my spouse and I jointly own a specified foreign financial asset with a value of $150,000. My spouse has a separate interest in a specified foreign financial asset with a value of $10,000. I have a separate interest in a specified foreign financial asset with a value of $60,000.

You have to file Form 8938 but your spouse, who is not a specified individual, does not. You have an interest in specified foreign financial assets in the amount of $210,000 on the last day of the tax year. This is the entire value of the asset that you jointly own, $150,000, plus the entire value of the asset that you separately own, $60,000. You satisfy the reporting threshold for a married individual living abroad and filing a separate return of more than $200,000 on the last day of the tax year.

Specified Foreign Financial Assets.

Specified foreign financial assets include the following assets.

Financial accounts maintained by a foreign financial institution.

The following foreign financial assets if they are held for investment and not held in an account maintained by a financial institution:

Stock or securities issued by someone that is not a U. S. person (including stock or securities issued by a person organized under the laws of a U. S. possession),

Any interest in a foreign entity, and.

Any financial instrument or contract that has an issuer or counterparty that is not a U. S. person (including a financial contract issued by, or with a counterparty that is, a person organized under the laws of a U. S. possession).

For foreign financial assets excepted from reporting, see Assets Not Required To Be Reported, later.

An interest in a social security, social insurance, or other similar program of a foreign government is not a specified foreign financial asset.

A financial account is any depository or custodial account (under Regulations section 1.1471-5(b)(1)(i) or (ii)) maintained by a foreign financial institution as well as any equity or debt interest in a foreign financial institution (other than interests that are regularly traded on an established securities market) or any cash value life insurance or annuity contract maintained by an insurance company or other foreign financial institution. A specified foreign financial asset includes a financial account maintained by a financial institution that is organized under the laws of a U. S. possession (American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, or the U. S. Virgin Islands).

Foreign financial institution.

In most cases, a foreign financial institution is any financial institution that is not a U. S. entity and satisfies one or more of the following.

It accepts deposits in the ordinary course of a banking or similar business.

It holds financial assets for the account of others as a substantial part of its business.

It is engaged (or holds itself out as being engaged) primarily in the business of investing, reinvesting, or trading in securities, partnership interests, commodities, or any interest (including a futures or forward contract or option) in such securities, partnership interests, or commodities.

A foreign financial institution includes investment vehicles such as foreign mutual funds, foreign hedge funds, and foreign private equity funds.

Other specified foreign financial assets.

Examples of other specified foreign financial assets include the following, if they are held for investment and not held in a financial account.

Stock issued by a foreign corporation.

A capital or profits interest in a foreign partnership.

A note, bond, debenture, or other form of indebtedness issued by a foreign person.

An interest in a foreign trust or foreign estate.

An interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement with a foreign counterparty.

An option or other derivative instrument with respect to any of these examples or with respect to any currency or commodity that is entered into with a foreign counterparty or issuer.

Assets held for investment.

You hold an asset, including a partnership interest, for investment if you do not use it in, or hold it for use in, the conduct of any trade or business.

Stock is not considered used or held for use in the conduct of a trade or business.

For taxable years beginning on or after December 12, 2014, if you are required to file Form 8938, in addition to reporting retirement and pension accounts and non-retirement savings accounts described in Regulations section 1.1471-5(b)(2)(i), you must report retirement and pension accounts, non-retirement savings accounts, and accounts satisfying conditions similar to those described in Regulations section 1.1471-5(b)(2)(i) that are otherwise excluded from the definition of a financial account by an applicable Model 1 IGA or Model 2 IGA. Thus, such accounts are subject to uniform reporting rules and must be reported without regard to whether the account is maintained in a jurisdiction with an IGA.

Interests in Specified Foreign Financial Assets.

You have an interest in a specified foreign financial asset if any income, gains, losses, deductions, credits, gross proceeds, or distributions from holding or disposing of the asset are or would be required to be reported, included, or otherwise reflected on your income tax return.

You have an interest in a specified foreign financial asset even if no income, gains, losses, deductions, credits, gross proceeds, or distributions from holding or disposing of the asset are included or reflected on your income tax return for this tax year.

Interests in property transferred in connection with the performance of services.

You are first considered to have an interest in property transferred in connection with the performance of services on the first date that the property is substantially vested (within the meaning of Regulations section 1.83-3(b)) or, if you have made a valid section 83(b) election with respect to the property, on the date of transfer of the property.

Interests in assets held by disregarded entities.

If you are the owner of a disregarded entity, you have an interest in any specified foreign financial assets owned by the disregarded entity.

Interests in jointly owned assets.

A joint owner of an asset has an interest in the entire asset. For special rules for interests in assets jointly owned by spouses, see Joint interests in Determining the Total Value of Your Specified Foreign Financial Assets, earlier, and Reporting the value of jointly owned assets, in Reporting Maximum Value, later.

Interests in assets held in financial accounts.

If you have an interest in a financial account that holds specified foreign financial assets, you do not have to report the assets held in the account.

Interests in assets generating certain unearned income of children.

If you file Form 8814, Parents' Election To Report Child's Interest and Dividends, with your income tax return to elect to include in your gross income certain unearned income of your child (the "kiddie tax" election), you have an interest in any specified foreign financial asset held by the child.

Interests in assets held by entities that are not disregarded entities.

In most cases, you do not own an interest in any specified foreign financial asset held by a partnership, corporation, trust, or estate solely as a result of your status as a partner, shareholder, or beneficiary.

Interests in assets held by grantor trust.

If you are considered the owner under the grantor trust rules of any part of a trust, you have an interest in any specified foreign financial asset held by that part of the trust you are considered to own. For exceptions from reporting for owners of certain domestic investment or bankruptcy trusts, see Domestic investment trusts and Domestic bankruptcy trusts in Exceptions to Reporting, later.

Interests in foreign estates and foreign trusts.

An interest in a foreign trust or a foreign estate is not a specified foreign financial asset unless you know or have reason to know based on readily accessible information of the interest. If you receive a distribution from the foreign trust or foreign estate, you are considered to know of the interest.

Interests in foreign pension plans and foreign deferred compensation plans.

Report in Part VI your interest in the foreign pension plan or foreign deferred compensation plan. Do not separately report the assets held by the plan. See Valuing interests in foreign estates, foreign pension plans, and deferred compensation plans, in Reporting Maximum Value, later.

Reporting Period.

Unless an exception applies, the reporting period for Form 8938 is your tax year.

Exception for partial tax years of specified individuals.

If you are a specified individual for less than the entire tax year, the reporting period is the part of the year that you are a specified individual.

John is a calendar year taxpayer. The Form 8938 reporting period begins on January 1 and ends on December 31.

Agnes was a single, calendar year taxpayer who died on March 6. The Form 8938 reporting period begins on January 1 and ends on March 6.

George, a calendar year taxpayer, is not a U. S. citizen or married. George arrived in the United States on February 1 and satisfied the substantial presence test for the tax year. The Form 8938 reporting period begins on George's U. S. residency starting date, February 1, and ends on December 31.

Reporting Maximum Value.

You must report the maximum value during the tax year of each specified foreign financial asset reported on Form 8938. In most cases, the value of a specified foreign financial asset is its fair market value. An appraisal by a third party is not necessary to estimate the maximum fair market value during the year. See Valuing financial accounts, and Valuing other specified foreign financial assets, later.

Assets with no positive value.

If the maximum value of a specified foreign financial asset is less than zero, use a value of zero as the maximum value of the asset.

Foreign currency conversion.

If your specified foreign financial asset is denominated in a foreign currency during the tax year, the maximum value of the asset must be determined in the foreign currency and then converted to U. S. dollars.

In most cases, you must use the U. S. Treasury Bureau of the Fiscal Service foreign currency exchange rate for purchasing U. S. dollars. You can find this rate on fiscal. treasury. gov/fsreports/rpt/treasRptRateExch/treasRptRateExch_home. htm. If no U. S. Treasury Bureau of the Fiscal Service exchange rate is available, you must use another publicly available foreign currency exchange rate for purchasing U. S. dollars and disclose the rate on Form 8938.

Currency determination date.

Use the currency exchange rate on the last day of the tax year to figure the maximum value of a specified foreign financial asset or the value of a specified foreign financial asset for the purpose of determining the total value of your specified foreign financial assets to see whether you have met the reporting threshold. Use this rate even if you sold or otherwise disposed of the specified foreign financial asset before the last day of the tax year.

Exception for financial account statement currency conversion rate.

You may rely on the foreign currency conversion rate reflected in a financial account statement issued at least annually by the financial institution maintaining the account.

Reporting the value of jointly owned assets.

If you own an asset jointly with one or more persons, you must report the asset's maximum value as follows.

Married specified individuals filing a joint income tax return.

If you are married and you and your spouse file a joint income tax return, report any specified foreign financial asset that you jointly own only once and include the maximum value of the entire asset (and not just the maximum value of your interest in the asset). Also, you must report any specified foreign financial asset that you or your spouse separately own and include the maximum value of the entire asset. If you and your spouse file a joint income tax return that includes Form 8814, you must report any specified foreign financial asset your child owns only once and include the maximum value of the entire asset.

Married specified individuals filing separate income tax returns.

If you are married and you and your spouse are specified individuals who file separate income tax returns, both you and your spouse report any specified foreign financial asset that you jointly own on your separate Forms 8938, and both you and your spouse must include the maximum value of the entire asset on your separate Forms 8938. You also must report any specified foreign financial asset that you own individually on your separate Form 8938 and include the maximum value of the entire asset. If you file Form 8814, you must report any specified foreign financial asset your child owns and include the maximum value of the entire asset.

Other joint ownership.

If you are a joint owner of a specified foreign financial asset and you cannot use one of the special rules for married individuals who file a joint tax return, you must report the specified foreign financial asset and include the maximum value of the entire asset.

Valuing financial accounts.

You may rely on periodic account statements for the tax year to report a financial account's maximum value unless you know or have reason to know based on readily accessible information that the statements do not reflect a reasonable estimate of the maximum account value during the tax year.

Valuing other specified foreign financial assets.

In most cases, you may use the value of a specified foreign financial asset that is not a financial account and that is held for investment and not held in an account maintained by a financial institution as of the last day of the tax year, unless you know or have reason to know based on readily accessible information that the value does not reflect a reasonable estimate of the maximum value of the asset during the tax year.

Exemplo. I have publicly traded foreign stock not held in a financial account that has a fair market value as of the last day of the tax year of $100,000, although, based on daily price information that is readily available, the 52-week high trading price for the stock results in a maximum value of the stock during the tax year of $150,000.

If you are required to file Form 8938, the maximum value of the foreign stock to be reported is $150,000, based on readily available information of the stock’s maximum value during the tax year.

Valuing interests in foreign trusts.

If you are a beneficiary of a foreign trust, the maximum value of your interest in the trust is the sum of the following amounts.

The value of all of the cash or other property distributed during the tax year from the trust to you as a beneficiary, and.

The value using the valuation tables under section 7520 of your right as a beneficiary to receive mandatory distributions as of the last day of the tax year.

Valuing interests in foreign estates, foreign pension plans, and foreign deferred compensation plans.

If you have an interest in a foreign estate, foreign pension plan, or foreign deferred compensation plan, the maximum value of your interest is the fair market value of your beneficial interest in the assets of the estate, pension plan, or deferred compensation plan as of the last day of the tax year. If you do not know or have reason to know based on readily accessible information the fair market value as of the last day of the tax year, the maximum value is the fair market value, determined as of the last day of the tax year, of the cash and other property distributed during the tax year to you as a beneficiary or participant. If you received no distributions during the tax year and do not know or have reason to know based on readily accessible information the fair market value of your interest as of the last day of the tax year, use a value of zero as the maximum value of the asset.

Assets Not Required To Be Reported.

You are not required to report the following assets.

Certain financial accounts.

The following financial accounts and the assets held in such accounts are not specified foreign financial assets and do not have to be reported on Form 8938.

A financial account that is maintained by a U. S. payer, such as a domestic financial institution. In general, a U. S. payer also includes a domestic branch of a foreign bank or foreign insurance company and a foreign branch or foreign subsidiary of a U. S. financial institution.

Examples of financial accounts maintained by U. S. financial institutions include:

U. S. mutual funds accounts;

IRAs (traditional or Roth);

Section 401(k) retirement accounts;

Qualified U. S. retirement plans;

Brokerage accounts maintained by U. S. financial institutions.

A financial account that is maintained by a dealer or trader in securities or commodities if all of the holdings in the account are subject to the mark-to-market accounting rules for dealers in securities or an election under section 475(e) or (f) is made for all of the holdings in the account.

You do not have to report any asset that is not held in a financial account if the asset is subject to the mark-to-market accounting rules for dealers in securities or commodities or an election under section 475(e) or (f) is made for the asset.

Exceptions to Reporting.

You do not have to report any asset on Form 8938 if you report it on one or more of the following forms that you timely file with the IRS for the same tax year.

Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts.

Form 5471, Information Return of U. S. Persons With Respect To Certain Foreign Corporations.

Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund.

Form 8865, Return of U. S. Persons With Respect to Certain Foreign Partnerships.

Instead, you must identify on Form 8938 the form(s) on which you report the specified foreign financial asset and how many of these forms you file. See Part IV. Excepted Specified Foreign Financial Assets, later.

Joint Form 5471 or Form 8865 filers.

If you are included as part of a joint Form 5471 or Form 8865 filing and provide the notification required by Regulations section 1.6038-2(i) or Regulations section 1.6038-3(c), you are considered to have filed that form for purposes of Part IV , Excepted Specified Foreign Financial Assets, later.

If you are considered the owner under the grantor trust rules of any part of a foreign trust, you do not have to report any of the specified foreign financial assets held by the part of the trust you are considered to own if you satisfy the following conditions.

You report the trust on a Form 3520 that you timely file with the IRS for the same tax year.

The trust timely files Form 3520-A, Annual Information Return of Foreign Trust With a U. S. Owner, with the IRS for the same tax year.

Instead, you must identify on Form 8938 how many of these forms you file. See Part IV. Excepted Specified Foreign Financial Assets, later.

If you are a specified individual, you must include the value of the assets reported on Forms 3520, 3520-A, 5471, 8621, and 8865 in determining whether you satisfy the reporting threshold that applies to you. See Reporting Thresholds Applying to Specified Individuals, earlier.

Domestic investment trusts.

If you are considered the owner under the grantor trust rules of any part of a domestic widely held fixed investment trust under Regulations section 1.671-5, you do not have to report any specified foreign financial asset held by the part of the trust you are considered to own.

Domestic bankruptcy trusts.

If you are considered the owner under the grantor trust rules of any part of a domestic liquidating trust under Regulations section 301.7701-4(d) that is created under chapter 7 or chapter 11 of the Bankruptcy Code, you do not have to report any specified foreign financial asset held by the part of the trust you are considered to own.

Bona fide resident of a U. S. possession.

If you are a bona fide resident of a U. S. possession (American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, or the U. S. Virgin Islands), do not include the value of the following assets to determine if you satisfy the reporting threshold that applies to you. If you are required to file Form 8938, you do not have to report the following specified foreign financial assets on Form 8938.

A financial account maintained by a financial institution organized under the laws of the U. S. possession of which you are a bona fide resident.

A financial account maintained by a branch of a financial institution not organized under the laws of the U. S. possession of which you are a bona fide resident, if the branch is subject to the same tax and information reporting requirements that apply to a financial institution organized under the laws of the U. S. possession of which you are a bona fide resident.

Stock or securities issued by an entity organized under the laws of the U. S. possession of which you are a bona fide resident.

An interest in an entity organized under the laws of the U. S. possession of which you are a bona fide resident.

A financial instrument or contract held for investment, provided each issuer or counterparty that is not a U. S. person is either an entity organized under the laws of the U. S. possession of which you are a bona fide resident or a bona fide resident of the U. S. possession of which you are a bona fide resident.

You may be subject to penalties if you fail to timely file a correct Form 8938 or if you have an understatement of tax relating to an undisclosed specified foreign financial asset.

Failure-To-File Penalty.

If you are required to file Form 8938 but do not file a complete and correct Form 8938 by the due date (including extensions), you may be subject to a penalty of $10,000.

Continuing failure to file.

If you do not file a correct and complete Form 8938 within 90 days after the IRS mails you a notice of the failure to file, you may be subject to an additional penalty of $10,000 for each 30-day period (or part of a period) during which you continue to fail to file Form 8938 after the 90-day period has expired. The maximum additional penalty for a continuing failure to file Form 8938 is $50,000.

Married taxpayers filing a joint income tax return.

If you are married and you and your spouse file a joint income tax return, the failure to file penalties apply as if you and your spouse were a single person. You and your spouse’s liability for all penalties is joint and several.

Presumption of maximum value.

If the IRS determines that you have an interest in one or more specified foreign financial assets and asks you for information about the value of any asset, but you do not provide enough information for the IRS to determine the value of the asset, you are presumed to own specified foreign financial assets with a value of more than the reporting threshold that applies to you. See Determining the Reporting Threshold That Applies to You, earlier. In such case you are subject to the failure-to-file penalties if you do not file Form 8938.

Reasonable cause exception.

No penalty will be imposed if you fail to file Form 8938 or to disclose one or more specified foreign financial assets on Form 8938 and the failure is due to reasonable cause and not to willful neglect. You must affirmatively show the facts that support a reasonable cause claim.

The determination of whether a failure to disclose a specified foreign financial asset on Form 8938 was due to reasonable cause and not due to willful neglect will be determined on a case-by-base basis, taking into account all pertinent facts and circumstances.

Effect of foreign jurisdiction laws.

The fact that a foreign jurisdiction would impose a civil or criminal penalty on you if you disclose the required information is not reasonable cause.

Accuracy-Related Penalty.

If you underpay your tax as a result of a transaction involving an undisclosed specified foreign financial asset, you may have to pay a penalty equal to 40 percent of that underpayment.

Examples of underpayments due to transactions involving an undisclosed specified foreign financial asset include the following.

You do not report ownership of shares in a foreign corporation on Form 8938 and you received taxable distributions from the company that you did not report on your income tax return.

You do not report ownership of shares in a foreign company on Form 8938 and you sold the shares in the company for a gain and did not report the gain on your income tax return.

You do not report a foreign pension on Form 8938 and you received a taxable distribution from the pension plan that you did not report on your income tax return.

If you underpay your tax due to fraud, you must pay a penalty of 75 percent of the underpayment due to fraud.

Criminal Penalties.

In addition to the penalties already discussed, if you fail to file Form 8938, fail to report an asset, or have an underpayment of tax, you may be subject to criminal penalties.

Statute of Limitations.

If you fail to file Form 8938 or fail to report a specified foreign financial asset that you are required to report, the statute of limitations for the tax year may remain open for all or a part of your income tax return until 3 years after the date on which you file Form 8938.

Extended statute of limitations for failure to include income.

If you do not include in your gross income an amount relating to one or more specified foreign financial assets, and the amount you omit is more than $5,000, any tax you owe for the tax year can be assessed at any time within 6 years after you filed your return.

For this purpose, specified foreign financial assets include any specified foreign financial assets in which you have an interest without regard to the reporting threshold that applies to you and regardless of any exception from reporting a specified foreign financial asset on Form 8938.

Specific Instructions.

If you are a specified individual and report all of your specified foreign financial assets on timely filed Forms 3520, 3520-A, 5471, 8621, or 8865, you do not have to report them on Form 8938. Instead, enter your name(s) and taxpayer identification number (TIN) at the top of the form and complete Part IV only. If you are a specified individual or a specified domestic entity and report only a part of your specified foreign financial assets on one or more of these forms, report the remaining assets on Form 8938 and complete Part IV .

If you have more than one account or asset to report in Part V or VI , or more than one issuer or counterparty to report in Part VI , use the continuation statement provided after page 2. Copy as many continuation statements as you need, and attach the completed statements to Form 8938 following page 2. Check the box at the top of page 1 of the form to indicate that you are attaching continuation statements, and enter the number of continuation statements in the space provided.

Enter, in the space provided below the title of Form 8938, the tax year of the specified individual or specified domestic entity for whom you are furnishing information.

Identifying Information.

Enter your name(s) and taxpayer identification number (TIN) as shown on the annual return you are filing with Form 8938. If you are a specified individual (see definition, earlier), enter the first TIN shown on your income tax return. A TIN is a social security number (SSN) or individual taxpayer identification number (ITIN). In the case of a specified domestic entity (see definition, earlier), enter the entity’s employer identification number (EIN).

Indicate the type of filer by checking the applicable box on line 3. If you are a "specified individual" (defined on page 1), check box 3a. In the case of a "specified domestic entity" (defined on page 1), check the applicable box for partnership (3b), corporation (3c), or trust (3d).

If you checked box 3a (specified individual), do not complete this line 4. If you checked box 3b (partnership) or 3c (corporation), enter the name and TIN of the specified individual (defined earlier) who closely holds the partnership or corporation. If you checked box 3d (trust), enter the name and TIN of the specified person (defined earlier) who is a current beneficiary of the trust.

If you are a paper filer and you have more than one specified individual or specified person, attach a statement listing the name and TIN of each such specified individual or specified person.

If you are a specified individual (see Specified Individual, earlier) for less than the entire tax year, you only have to report the information for the part of the year that you are a specified individual.

Part I. Foreign Deposit and Custodial Accounts Summary.

Use Part I to summarize information regarding foreign deposit and custodial accounts reported on all Parts V .

Report the number of deposit accounts reported on all Parts V .

Report the total maximum value of these deposit accounts.

Report the number of custodial accounts reported on all Parts V .

Report the total maximum value of these custodial accounts.

Indicate whether any foreign deposit or custodial accounts were closed during the tax year.

Parte II. Other Foreign Assets Summary.

Use Part II to summarize information regarding financial accounts (other than foreign deposit and custodial accounts) and other specified foreign financial assets reported on all Parts VI .

Report the number of accounts and assets reported on all Parts VI .

Report the total maximum value of these accounts and assets.

Indicate whether any account was opened or closed, or any asset was acquired or disposed of during the tax year.

Part III. Summary of Tax Items Attributable to Specified Foreign Financial Assets.

Enter the following items for your total assets reported in Part V or Part VI and the schedule, form, or return on which you reported the items.

Gains or (losses).

If you did not report any tax item for a specified foreign financial asset on any form or schedule for the tax year, check the box on line 3d of Part V or Part VI for the account or asset.

Part IV. Excepted Specified Foreign Financial Assets.

If you reported a specified foreign financial asset on certain other forms listed below for the same tax year, you may not have to report it on Form 8938. However, you must identify the form where you reported the asset by indicating how many forms you filed.

For more information, see Duplicative reporting, earlier. If you reported a specified foreign financial asset on one or more of the following forms, enter the number of forms filed.

If you are treated as an owner of any part of a foreign grantor trust, you may have to file Form 8938 to report specified foreign financial assets held by the trust. If you are a beneficiary of the foreign trust, you may have to file Form 8938 to report your interest in the trust. You do not have to report on Form 8938 any specified foreign financial asset held by the trust or your interest in the trust if you report the trust on a Form 3520 you timely file for the tax year and the trust timely files Form 3520-A for the tax year.

Part V. Detailed Information for each Foreign Deposit and Custodial Account Included in the Part I Summary.

Use Part V to report information for foreign deposit and custodial accounts. If you have more than one account, attach a continuation sheet with the required information for each additional account and check the box at the top of page 1 of the form.

Enter the following information for each foreign deposit or custodial account.

Check the box to indicate if this is a depository or a custodial account.

Enter the account number of the account or other specific identifying information for the account if there is no account number.

Check one or more boxes to indicate if any of the following applies.

The account was opened during the tax year.

The account was closed during the tax year.

The account was jointly owned with your spouse.

You did not report any tax item in Part III for this asset.

Enter the maximum value of the account during the tax year.

See Reporting Maximum Value, earlier, for information on determining the maximum value of the account.

Joint interests.

Use the following rules to determine the maximum value to report.

Spouses filing a joint return. You and your spouse report the maximum value of an account held jointly by you and your spouse only once on the single Form 8938 filed with your joint income tax return.

Spouses filing separate returns. You and your spouse each report the maximum value of an account held jointly by you and your spouse on your separate Forms 8938 filed with your separate income tax returns.

Other joint owners. Report the maximum value of the entire jointly held account on your Form 8938 filed with your income tax return, regardless of the value of your separate interest in the account.

Lines 5 and 6.

If you used a foreign currency exchange rate to convert the value of the account into U. S. dollars, check the "Yes" box on line 5 and go to line 6. Otherwise, check the "No" box and go to line 7.

If you answered "Yes" on line 5, enter the following information.

The foreign currency in which the account is maintained.

The foreign currency exchange rate used to convert the value of the account into U. S. dollars.

If the U. S. Treasury Bureau of the Fiscal Service did not provide an exchange rate, the source of the foreign currency exchange rate that you used.

You must use the foreign currency exchange rate on the last day of the tax year, even if you closed or disposed of the account before the last day of the tax year.

Enter the name of the financial institution in which the account is maintained.

If you have been furnished the GIIN associated with the financial account listed in line 7a, you have the option of entering it here.

Lines 8 and 9.

Enter the mailing address of the financial institution in which the account is maintained.

Part VI. Detailed Information for each "Other Foreign Asset" Included in Part II Summary.

Use Part VI to report information for financial accounts (other than foreign deposit and custodial accounts) and other specified foreign financial assets not held in a financial account. If you have more than one asset, attach a continuation sheet with the required information for each additional asset and check the box at the top of page 1 of the form.

Enter the following information for each financial account and specified foreign financial asset not held in a financial account reported in Part II . For examples of specified foreign financial assets not held in a financial account, see Other specified foreign financial assets, earlier.

Enter a description of the account or asset. If the asset is stock or securities, include the class or issue of the stock or securities.

You own 100 shares of XYZ Company, an Italian S. A. A sufficient description is "100 Class A shares of XYZ Company, S. A."

You own a bond issued by AB GmbH, a German GmbH. A sufficient description is "Bond of AB GmbH, maturing on December 31, 2016."

Enter the identifying number or other information identifying the account or asset.

Enter the following information about the account or asset, if required.

If the account was opened or closed, or the asset was acquired or disposed of during the year, enter the date of opening and/or closure, or acquisition and/or disposition, as applicable. If the assets were acquired or disposed of during different dates in the year, enter "Various."

If you own the account or asset jointly with your spouse, check the box on line 3c.

If you did not report any income, gain, loss, deduction, or credit for this account or asset on your tax return or any schedule or form attached to your income tax return filed for the tax year, check the box on line 3d.

Check the box for the value range that represents the maximum value of the account or asset during the tax year. If the maximum value is more than $200,000, enter the maximum value on line 4e.

See Reporting Maximum Value, earlier, for information on determining the maximum value of the account or asset.

Joint interests.

Use the following rules to figure the maximum value to report.

Spouses filing a joint return. You and your spouse report the maximum value of an account or asset held jointly by you and your spouse only once on the single Form 8938 filed with your joint income tax return.

Spouses filing separate returns. You and your spouse each report the maximum value of an account or asset held jointly by you and your spouse on your separate Forms 8938 filed with your separate income tax returns.

Other joint owners. Report the maximum value of the entire jointly held account or asset on your Form 8938 filed with your income tax return, regardless of the value of your separate interest in the account or asset.

Lines 5 and 6.

If you used a foreign currency exchange rate to convert the value of the account or asset into U. S. dollars, check the "Yes" box on line 5 and go to line 6. Otherwise, check the "No" box and go to line 7.

If you answered "Yes" to line 5, enter the following information.

The foreign currency in which the account or asset is denominated.

The foreign currency exchange rate used to convert the value of the account or asset into U. S. dollars.

If the U. S. Treasury Bureau of the Fiscal Service did not provide an exchange rate, the source of the foreign currency exchange rate that you used.

You must use the foreign currency exchange rate on the last day of the tax year, even if you closed the account or sold or disposed of the asset before the last day of the tax year.

Lines 7a through 7e.

If the account or asset you reported on line 1 is stock of a foreign entity or an interest in a foreign entity, complete lines 7a through 7e.

Enter the name of the foreign entity.

If you have been furnished the GIIN associated with the financial account or asset listed in Line 7a, you have the option of entering it here.

Check the box on line 7c to indicate the type of foreign entity.

Lines 7d and 7e.

Enter the mailing address of the foreign entity.

Lines 8a through 8e.

If the account or asset you reported on line 1 is not stock of a foreign entity or an interest in a foreign entity, complete lines 8a through 8e.

If this account or asset has more than one issuer or counterparty, copy the continuation statement provided after page 2 as many times as needed and complete a separate line 8 for each issuer or counterparty. Check the box at the top of page 1 of the form.

Enter the name of the issuer or counterparty and check the appropriate box to indicate if you are reporting for an issuer or a counterparty.

Check the appropriate box to indicate the type of issuer or counterparty.

Check the box to indicate if the issuer or counterparty is a U. S. person or a foreign person.

Lines 8d and 8e.

Enter the mailing address of the issuer or counterparty. If the issuer or counterparty has a mailing address in the United States, you can enter the U. S. mailing address.

Instructions for.

Form 8938 - Notices.

Paperwork Reduction Act Notice.

We ask for the information on this form to carry out the Internal Revenue laws of the United States. Section 6038D requires specified individuals and specified domestic entities to report specified foreign financial assets in which they have an interest. Form 8938 is used to comply with this reporting requirement.

You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by section 6103.

The time needed to complete and file this form will vary depending on individual circumstances. The estimated burden for business taxpayers filing this form is approved under OMB control number 1545-0123. The estimated burden for all other taxpayers who file this form is shown below.

the law or the form.

and sending the.

If you have comments concerning the accuracy of this time estimate or suggestions for making this form simpler, we would be happy to hear from you. See the instructions for the tax return with which this form is filed.

Form 8938 I have stock options and restricted stock from.

Correct you will report this in Part II.

let me know if you have any further questions.

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