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.