If you own foreign assets or have signature authority over certain foreign accounts, you also have 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. Another filing related to foreign assets is the FBAR, a form that must be filed electronically with the Treasury Department. Certain restrictions apply. Give us a call if you have questions.
Tags: Foreign Accounts
Written by: Doug Rodrigues