Question

what is the amounts foreign should be reported on firm 8938 if the value of the assets to be reported is on the last day if the year or any time during the year

Answer 1

Answer:

Form 8938:

Certain U.S. taxpayers holding specified foreign financial assets (as per threshold values described below) are required to report information on those assets in FATCA Form 8938 and this form must be attached to taxpayer's annual return of income.

This form is required to filled in if aggregate value of such assets specified foreign financial assets is more than the thresholds as described below:

Unmarried taxpayers living in the US and Married taxpayers filing separate income tax returns and living in the US: if the total value of 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 and living in the US: If total value of such 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

Unmarried taxpayers and Married taxpayers filing separate income tax returns and Foreign Residents: Total value of specified foreign assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year

Married taxpayers filing a joint income tax return and Foreign Residents: Total value of specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.

(Source: https://www.irs.gov/businesses/corporations/do-i-need-to-file-form-8938-statement-of-specified-foreign-financial-assets)