Instructions For Form 8938 - Statement Of Specified Foreign Financial Assets

is more than $400,000 on the last day of

and applying the appropriate foreign

individuals and you each file a separate

the tax year or more than $600,000 at

currency exchange rate.

annual return, include one-half of the

any time during the tax year.

value of the asset jointly owned with

Value of an interest in a foreign trust

your spouse to determine the total value

during the tax year. If you do not

Married taxpayers filing separate

of all of your specified foreign financial

know or have reason to know based on

income tax returns. If you are married

assets.

readily accessible information the fair

and file a separate income tax return

market value of your interest in a foreign

from your spouse, you satisfy the

Joint ownership with a spouse

trust during the tax year, the value to be

reporting threshold only if the total value

who is not a specified individual or

included in determining the total value of

of your specified foreign financial assets

someone other than a spouse. Each

your specified foreign financial assets

is more than $200,000 on the last day of

joint owner includes the entire value of

during the tax year is the maximum

the tax year or more than $300,000 at

the jointly owned asset to determine the

value of your interest in the foreign trust.

any time during the tax year.

total value of all of that joint owner's

See

Valuing interests in foreign trusts

specified foreign financial assets.

Presence abroad. You satisfy the

Reporting Maximum Value, later, for

presence abroad test if you are one of

rules on determining the maximum

Special Rules

the following.

value of an interest in a foreign trust.

A U.S. citizen who has been a bona

Assets reported on another form

Value of an interest in a foreign es-

fide resident of a foreign country or

tate, foreign pension plan, and for-

Specified individual. If you are a

countries for an uninterrupted period

eign deferred compensation plan. If

specified individual, include the value of

that includes an entire tax year.

you do not know or have reason to know

all specified foreign financial assets,

A U.S. citizen or resident who is

based on readily accessible information

even if they are reported on another

present in a foreign country or countries

the fair market value of your interest in a

form listed in Part IV, to determine if you

at least 330 full days during any period

foreign estate, foreign pension plan, or

satisfy the reporting threshold that

of 12 consecutive months that ends in

foreign deferred compensation plan

applies to you. See

Part IV. Excepted

the tax year being reported.

during the tax year, the value to be

Specified Foreign Financial

Assets,

included in determining the total value of

later.

Reporting Thresholds Applying to

your specified foreign financial assets

Specified domestic entity. If you

Specified Domestic Entities

during the tax year is the fair market

are a specified domestic entity, exclude

value, determined as of the last day of

If you are a specified domestic entity,

the value of any specified foreign

the tax year, of the currency and other

you satisfy the reporting threshold only if

financial asset reported on another form

property distributed during the tax year

the total value of your specified foreign

listed in Part IV, to determine if you

to you. If you received no distributions

financial assets is more than $50,000 on

satisfy the applicable reporting

during the tax year and do not know or

the last day of the tax year or more than

threshold.

have reason to know based on readily

$75,000 at any time during the tax year.

accessible information the fair market

Bona fide resident of a U.S. posses-

value of your interest, use a value of

sion. Do not include the value of

Determining the Total Value of

zero for the interest.

specified foreign financial assets you

Your Specified Foreign Financial

are not required to report because you

Asset with no positive value. If the

Assets

are a bona fide resident of a U.S.

maximum value of a specified foreign

possession. See

Bona fide resident of a

You must figure the total value of the

financial asset is less than zero, use a

U.S.

possession, under Exceptions to

specified foreign financial assets in

value of zero for the asset.

Reporting, later.

which you have an interest to determine

Joint interests. If you jointly own an

if you satisfy the reporting threshold that

Owners of certain domestic trusts.

asset with someone else, the value that

applies to you. To determine if you have

Do not include the value of specified

you use to determine the total value of

an interest in a specified foreign

foreign financial assets you are not

all of your specified foreign financial

financial asset, see

Interests in

required to report because you are an

assets depends on whether the other

Specified Foreign Financial

Assets,

owner of a domestic widely-held fixed

owner is your spouse and, if so, whether

later.

investment trust or a domestic

your spouse is a specified individual

liquidating trust created under chapter 7

Valuing specified foreign financial

and whether you file a joint or separate

or chapter 11 of the Bankruptcy Code.

assets. The value of a specified

return.

See

Domestic investment

trusts, and

foreign financial asset for purposes of

Joint ownership with spouse

Domestic bankruptcy

trusts, under

determining the total value of specified

filing joint income tax return. If you

Exceptions to Reporting, later.

foreign financial assets in which you

and your spouse file a joint income tax

have an interest during the tax year or

Related domestic corporations and

return and, therefore, would file one

on the last day of the tax year is the

partnerships. To determine if you

combined Form 8938 for the tax year,

asset's fair market value. For purposes

satisfy the applicable reporting

include the value of the asset jointly

of figuring the total value of specified

threshold, a specified domestic entity

owned with your spouse only once to

foreign financial assets, the value of a

that is a corporation or partnership and

determine the total value of all of the

specified foreign financial asset

that has an interest in any specified

specified foreign financial assets you

denominated in a foreign currency must

foreign financial asset is treated as

and your spouse own.

be first determined in the foreign

owning all specified foreign financial

currency and then converted to U.S.

Joint ownership with spouse

assets held by all related corporations

dollars. See

Foreign currency

filing separate income tax return. If

or partnerships that are closely held by

conversion

in Reporting Maximum

you and your spouse are specified

the same specified individual (excluding

Value, later, for rules on determining

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Instructions for Form 8938 (2017)

Instructions For Form 8938 - Statement Of Specified Foreign Financial Assets - 2017 Page 4

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