Form 8938
IRS form for US persons reporting specified foreign financial assets exceeding threshold values.
Definition
Form 8938 (Statement of Specified Foreign Financial Assets) is filed with US tax return by US persons with foreign financial assets exceeding thresholds. Single filer in US: $50K year-end or $75K anytime; thresholds higher for joint and abroad.
Context
Applies to US persons; not non-resident foreign LLC owners.
Example
A US-citizen LLC owner with $80K in foreign brokerage accounts files Form 8938 with their Form 1040.
Common pitfalls
- $10,000 penalty for failure to file.
- Different thresholds from FBAR; both may apply.