How to Complete IRS Form 8938 For Specified Foreign Financial Assets
A U.S. person must complete Form 8938 and attach it to their Form 1040 if they have ownership interests in foreign financial assets that exceed certain thresholds during the tax year.
In this video, I discuss a simple example where a U.S. person owns a foreign bank account and holds stock in a foreign corporation treated as a PFIC.
Form 8621 MTM Election: https://youtu.be/FLDC3zxHkss
Form 8621 QEF Election: https://youtu.be/7ZLJldaZTGY
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#IRS #Form8938 #8938
DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.
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