U.S. foreign asset reporting - questions.
Jan 27th 2014, 2:46 am
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U.S. foreign asset reporting - questions.
Any asset greater than $50k to be reported, but.....
My tax adviser tells me that a mortgaged property does not need such a report, but is that subject of mortgage or a real equity? For example, a $400k house with $300k paid - is it an asset, or not?
P.S. IRS site says:
Q3. Does foreign real estate need to be reported on Form 8938?
Foreign real estate is not a specified foreign financial asset required to be reported on Form 8938. For example, a personal residence or a rental property does not have to be reported.
I believe the subject is closed, but if anyone had a bad experience with IRS - please comment....
My tax adviser tells me that a mortgaged property does not need such a report, but is that subject of mortgage or a real equity? For example, a $400k house with $300k paid - is it an asset, or not?
P.S. IRS site says:
Q3. Does foreign real estate need to be reported on Form 8938?
Foreign real estate is not a specified foreign financial asset required to be reported on Form 8938. For example, a personal residence or a rental property does not have to be reported.
I believe the subject is closed, but if anyone had a bad experience with IRS - please comment....
Last edited by sergeyvo; Jan 27th 2014 at 3:05 am.
