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Form Instructions 8938 Arizona: What You Should Know
What one will require will depend on the nature and size of the assets, the country in which the asset is located, and whether the asset is located in the United States, the foreign country, or an international organization with which the United States has effective tax treaties. The tax law imposes an additional requirement that includes the obligation of the taxpayer filing this form to furnish a “qualified appraisal” that is performed in accordance with the procedures prescribed by Fin CEN. A copy of the qualified appraisal must be filed with the Form 8938 statement of specified assets. Filing Instructions The IRS has posted complete instructions for filing Form 8938 at IRS.gov Form 8938, Statement of Specified Foreign Financial Assets is only required if all the following conditions are met: Form 8938 is required and the total value of all the specified foreign financial assets held in the United States and the aggregate of all the specified foreign financial assets in all countries in which you have a U.S. interest exceeds 10 million. Specified by The Treasury. Example 1 – 35 Million The total of all the specified foreign financial assets is 45 million. The total United States interest in all these specified foreign financial assets, is 35 million. Therefore, if you met the above requirements, you are not required to file Form 8938. Example 2 – 100 Million The total of all the specified foreign financial assets is 45 million. The total United States interest in all these specified foreign financial assets, is 100 million. Therefore, if you met the above requirements you would need to file Form 8938. Other Important Considerations Do not assume, based on a country's financial reporting, that all specified financial assets are subject to U.S. tax unless the U.S. government makes that statement explicitly. Certain U.S. laws and regulations may apply. Do not assume, based on the tax consequences of a transaction in a foreign country, that only specified financial assets are subject to U.S. taxation. This is only presumptive. For more information, review Form 8938 at IRS.
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