Owning foreign assets or having signature authority over certain foreign accounts means extra filing requirements. For example, Part III of Schedule B, the form where you report interest and dividends, has questions you might need to complete about foreign accounts and trusts. You may also need to file “Form 8938, Statement of Specified Foreign Financial Assets,” with your income tax return. Other filings related to foreign assets include a form that must be filed electronically with the Treasury Department.
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Tags: Foreign Accounts
Written by: Doug Rodrigues