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Instructions 8938 2024 Form: What You Should Know

More About IRS Form 8938: The (New) Form 8938 Reporting Requirements Explained 2022 The Form 8938 is a new form, but in a nutshell it  represents a statement to the IRS that the asset is not considered posing a risk in connection with financial reporting purposes Is IRS Form 8938 Safe to File? — The Facts “Generally, the Form 8938 reporting requirements generally will apply to any U.S. person who possesses a reportable foreign financial asset at any time during the year, if the asset is subject to U.S. jurisdiction for U.S. purposes such as income taxation or income tax withholding… The Form 8938 includes information about the foreign financial asset, and will enable the IRS, as required by the statute, to make certain determinations concerning its nature and whether the foreign financial asset is reportable…the IRS will assess the foreign financial asset on the basis of the following factors: (1) The market value of the foreign financial asset at the commencement of the year; (2) Gross revenues attributable to the foreign financial asset at the beginning of the year; (3) Gross annual earnings attributable to the foreign financial asset attributable to activities performed in the United States, including, where appropriate, for the year performed by the taxpayer in the United States; and (4) The foreign financial asset's net long-term deferred income in the United States.” What Does IRS Form 8938 Include? — The Details The Form 8938 contains information that is reported on a  report, called Schedule O, a 1040 EZ or a Form 8938. When Does IRS Form 8938 Have to Be Filed For? May 11, 2024 — When the market value for the specified foreign financial asset  (excluding property held exclusively for investment, such as real estate, as well as non-financial assets, such as money) exceeds 5 million What Happens if There's No “Market Value” for a Specified Foreign Financial Asset? Then the Form 8938 must be “reported on a tax return of the U.S. person” “Even though there is no “market value” for a specified foreign financial asset under federal statute, where the asset has been acquired after October 19, 2004, the foreign financial asset itself may be subject to examination under Article 2912 of the U.S. Internal Revenue Code (Tax Code).” Does This Mean That a US Person Cannot Possess an Asset? Not necessarily.

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