Instructions For Form 8938 - 2016 (Page 5 of 14) in pdf

and I jointly own a specified foreign

value of the asset, $30,000, to

Bona fide resident of a U.S. posses

financial asset valued at $60,000.

determine the total value of specified

sion. Do not include the value of

You each have to file Form 8938. You

foreign financial assets that you each

specified foreign financial assets you

each satisfy the reporting threshold of

own. Neither of you satisfies the

are not required to report because you

more than $50,000 on the last day of the

reporting threshold of more than

are a bona fide resident of a U.S.

tax year.

$50,000 on the last day of the tax year

possession. See

Bona fide resident of a

or more than $75,000 at any time during

U.S.

possession, under Exceptions to

I am not married and do not live

the tax year.

Reporting, later.

abroad. I own an entity disregarded

for tax purposes, which owns one

My spouse and I file separate

Owners of certain domestic trusts.

specified foreign financial asset

income tax returns, jointly and

Do not include the value of specified

valued at $30,000. In addition, I own

individually own specified foreign

foreign financial assets you are not

a specified foreign financial asset

financial assets, and do not live

required to report because you are an

valued at $25,000. You have to file

abroad. On the last day of the tax

owner of a domestic widely-held fixed

Form 8938. You own both the specified

year, my spouse and I jointly own a

investment trust or a domestic

foreign financial asset owned by the

specified foreign financial asset with

liquidating trust created under chapter 7

disregarded entity and the specified

a value of $90,000. My spouse has a

or chapter 11 of the Bankruptcy Code.

foreign financial asset you own directly,

separate interest in a specified

See

Domestic investment

trusts, and

for a total value of $55,000. You satisfy

foreign financial asset with a value

Domestic bankruptcy

trusts, under

the reporting threshold of more than

of $10,000. I have a separate interest

Exceptions to Reporting, later.

$50,000 on the last day of the tax year.

in a specified foreign financial asset

Related domestic corporations and

with a value of $1,000. You do not

My spouse and I do not live

partnerships. To determine if you

have to file Form 8938 but your spouse

abroad and file a joint income tax

satisfy the applicable reporting

does. Your spouse has an interest in

return. We jointly own a single

threshold, a specified domestic entity

specified foreign financial assets in the

specified foreign financial asset

that is a corporation or partnership and

amount of $55,000 on the last day of the

valued at $60,000. You and your

that has an interest in any specified

tax year. This is one-half of the value of

spouse do not have to file Form 8938.

foreign financial asset is treated as

the asset that you jointly own, $45,000,

You do not satisfy the reporting

owning all specified foreign financial

plus the entire value of the asset that

threshold of more than $100,000 on the

assets held by all related corporations

your spouse separately owns, $10,000.

last day of the tax year or more than

or partnerships that are closely held by

You have an interest in specified foreign

$150,000 at any time during the tax

the same specified individual (excluding

financial assets in the amount of

year.

specified foreign financial assets that

$46,000 on the last day of the tax year.

My spouse and I do not live

are excluded from reporting under Part

This is one-half of the value of the asset

abroad, file a joint income tax return,

IV of Form 8938 or because you are the

that you jointly own, $45,000, plus the

and jointly and individually own

owner of a domestic widely-held fixed

entire value of the asset that you

specified foreign financial assets.

investment trust or a domestic

separately own, $1,000. Your spouse

On the last day of the tax year, my

liquidating trust created under chapter 7

satisfies the reporting threshold of more

spouse and I jointly own a specified

or chapter 11 of the Bankruptcy Code).

than $50,000 on the last day of the tax

foreign financial asset with a value

year. You do not satisfy the reporting

of $90,000. My spouse has a

threshold of more than $50,000 on the

Examples

separate interest in a specified

last day of the tax year or more than

These examples may help you decide if

foreign financial asset with a value

$75,000 at any time during the tax year.

you have to file Form 8938.

of $10,000. I have a separate interest

My spouse and I are U.S. citizens

in a specified foreign financial asset

I am not married and do not live

but live abroad for the entire tax

with a value of $1,000. You and your

abroad. The total value of my

year and file a joint income tax

spouse have to file a combined Form

specified foreign financial assets

return. The total value of our

8938. You and your spouse have an

does not exceed $49,000 during the

combined specified foreign financial

interest in specified foreign financial

tax year. You do not have to file Form

assets on any day of the tax year is

assets in the amount of $101,000 on the

8938. You do not satisfy the reporting

$150,000. You and your spouse do not

last day of the tax year. This is the entire

threshold of more than $50,000 on the

have to file Form 8938. You do not

value of the specified foreign financial

last day of the tax year or more than

satisfy the reporting threshold of more

asset that you jointly own, $90,000, plus

$75,000 at any time during the tax year.

than $400,000 on the last day of the tax

the value of the asset that your spouse

I am not married and do not live

year or more than $600,000 at any time

separately owns, $10,000, plus the

abroad. I sold my only specified

during the tax year for married

value of the asset that you separately

foreign financial asset on October

individuals who live abroad and file a

own, $1,000. You and your spouse

15, when its value was $125,000.

joint income tax return.

satisfy the reporting threshold of more

You have to file Form 8938. You satisfy

than $100,000 on the last day of the tax

My spouse and I live abroad and

the reporting threshold even though you

year.

file separate income tax returns. My

do not hold any specified foreign

spouse is not a specified individual.

My spouse and I do not live

financial assets on the last day of the

On the last day of the tax year, my

abroad, file separate income tax

tax year because you did own specified

spouse and I jointly own a specified

returns, and jointly own a specified

foreign financial assets of more than

foreign financial asset with a value

foreign financial asset valued at

$75,000 at any time during the tax year.

of $150,000. My spouse has a

$60,000 for the entire year. Neither

I am not married and do not live

separate interest in a specified

you nor your spouse has to file Form

abroad. An unrelated U.S. resident

foreign financial asset with a value

8938. You each use one-half of the

Instructions for Form 8938 (2016)

Instructions For Form 8938 - 2016 Page 5

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