Draft of IRS Form 8938 – New Form for 2010 Required to be Filed with your Income Tax Return if You have $50,000 or more in Foreign Financial Assets
The IRS has not yet released the final version of form 8938. We are including a copy of the preliminary draft of the form for your information. This form must be included with your personal tax return for 2010 if you have $50,000 US or more of foreign financial assets ( determined by combining the fair market value of each asset). The IRS has not yet released the instructions for this form. You will still have to file all other required forms such as TDF 90-22.1, 5471, 3520, 8865 etc. even though you are also filing this form. Watch for the final form and instructions to be released in the next few weeks. The information requested will significantly increase the amount of data required to file your tax return if you are an expatriate or hold assets abroad.
We have been told that financial assets includes all rental property but not raw land or homes for personal use.
Marcio V. Pinheiro on Fri, 17th Dec 2010 6:02 am
I am here in Brazil. I understand that I already must file a from with the Treasury Department by June 30th (TDF-90-22-1) It seems to me that this is a duplicate form. I fail tounderstand why I must fill two forms on the same subject. Couldn´t just be one? I feel that it is becoming almost a fulltime job to do my IRS Return from Brazil and I have no live help here, only one or teo CPAs that want to charge me 1000 dollars. I am ending up paying a lot of taxes in both Countries, including self employment taxes (no treaty). All money I have invested in Brazil come from my work here in Brazil, it is not money taken from the USA. They make no difference between an American investor living in the USA who is investing USA money in Brazil and me who am living and working in Brazil and investing here the money from my work here. I believe that to be fair they should make this differentiation. Thanks.
Mary de Vachon on Fri, 31st Dec 2010 9:30 am
These proposed banking forms will futher complicate the difficulties Americans are having banking in France. The banks practically don’t want us any more. HSBC has told me not to deposit or withdraw cash anymore. I might be laundering money. (No, I was just putting money on the account to pay my Taxe d’habitation).
More paperwork, more pay for functionaries, more taxes, less freedom. And will the big fish get hooked. I wouldn’t bet on it.
What would be equitable is to allow the overseas vote to be counted as an oversea’s vote, rather than be diluted over the 50 states hence our voice totally lost –this because we must vote from the last state we lived in which for me has absolutely no political interest. Of the subject, you may say, but not really. The IRS is going to put a new form on us with no real representation from us or understanding of our plight.
ThePatriot on Mon, 13th Feb 2012 2:56 pm
Hey, where can i read more of this stuff? Keep it up $author