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giogis245

Form 8938 - Statement of Specified Foreign Financial Assets

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Clients are residents of USA, but have a house in Spain where they are originally from, they have filed form 8938 last year, do they have to continue filing. I would like to get familiar with this form but I have never had to use it.  

Thank you! 

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23 hours ago, Possi said:

*whew*

Form is like a crossword puzzle, entails some thinking with pencil and eraser.  

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Foreign real estate is not included on the 8938. Rental property is not included on the 8938.

If it is held by a corp, then the corp is reported on the 8938

the IRS has a good list of what needs to be included on this link

https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

If they have a Spanish property, they may have a Spanish bank account...see Sch B questions.  If the bank acct exceeded 10k, than an FBAR is needed (FinCEN 114)

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