Alert
Alert
12.18.14
In the Federal Register for December 12, 2014, the Treasury Department and Internal Revenue Service published final regulations under Internal Revenue Code section 6038D, dealing with annual reporting by U.S. citizens and residents of specified foreign financial assets on IRS Form 8938, Statement of Specified Foreign Financial Assets. The final regulations replace temporary regulations published in the Federal Register on December 19, 2011.
a. $50,000 on the last day of the taxable year or $75,000 at any time during the taxable year.
b. For married individuals filing a joint U.S. federal income tax return, $100,000 on the last day of the taxable year or $150,000 at any time during the taxable year.
c. For qualified individuals under section 911(d)(1) (i.e., certain U.S. citizens living abroad), $200,000 at the end of the taxable year or $300,000 at any time during the taxable year.
d. For qualified individuals under section 911(d)(1) filing joint U.S. federal income tax returns with their spouses, $400,000 at the end of the taxable year or $600,000 at any time during the taxable year.
Download: Six Things to Know About Foreign Financial Asset Reporting