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Form Instructions 8938 Texas Dallas: What You Should Know

Form 8938 is Required on Every Annual Tax Return. Feb 9, 2024 — The new requirement on Form 8938 for reporting specified foreign financial assets was added to the tax forms, according to an update at Form 8952  Form 8938 Report of Specified Foreign Financial Assets July 20, 2024 -- A specified foreign financial asset is defined as an investment in an asset or investment opportunity through which one or more individuals or other entities derive income, gain, loss, deduction, or credit from an interest in the asset or investment opportunity. A specified foreign financial asset also includes any property or the income it generates  Exemptions Form 8938 is not required if the specified foreign financial asset is: An interest or dividend received as compensation for services performed (including fees); Property held for sale on a “bona fide rental market” to one end user at a fair market rental value that is more than the fair rental value of the property; Property held for the investment or consumption of a specified person or group (that is, a person living in a specified country); Property held by a specified foreign entity that is controlled by one or more U.S. persons (a “specified controlled foreign corporation,” or SE CCF); If the specific property is any of the following items, the income received with or without a specified investment does not include qualified income under section 1202: Personal-use computer software and related equipment, including network components, but excluding specialized software; Professional-use computer software and related equipment, including network components, or software that is designed to improve the performance of software, or specialized software intended to increase the functionality of a specified computer software program, as defined in section 1202; A specified investment as in the item listed in (4) of the current version of the proposed regulations; Other personal property (such as a house or farm). When Schedule B is required, only the amount of an exempt transfer does not need to be itemized but, for the purpose of the proposed regulations, only amounts received by a specified person or group of people, if they are individuals living in the United States.  Inherited Financial Assets in a U.S. Trust An asset held for the investment or consumption of a specified person or group (that is, a person living in a specified country); and A specified transfer of property from or to one owner to another to the extent that the owner was also a specified person or group.

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