Draft Form 8938 Instructions Posted For Reporting Foreign Financial Assets

The IRS Sept. 30 posted to its website draft instructions for an important new tax form on foreign financial asset reporting.

The draft instructions match draft Form 8938, Statement of Specified Foreign Financial Assets, released in June. The form and instructions will be used by taxpayers who are required to report financial assets that exceed reporting thresholds set by new §§6038D and 1298.

Under §6038D, individuals with interests in foreign financial assets are required to attach information on each foreign financial asset if the aggregate value of all assets held exceeds $50,000. Under §1298(f) ...