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Pomona California Form 911: What You Should Know
S. And, a lot of you might think they report on a different form than other Americans with foreign assets such as bank accounts, pensions, etc. But, in fact, they do, and there are IRS requirements you should be aware of. For a refresher, read about all the ways your foreign financial assets add up and how to report them. The IRS requires that any information reported on an individual tax return for a calendar year be reported on Form 8938 if the tax year and the country are listed on Schedule C. Form 8938 is a one-time, mandatory tax return form. Any income or gain derived from the sale, exchange or other disposition of the securities, commodities, currency or other assets in a transaction, or the sale or other disposition of assets (e.g., real estate or retirement savings), is treated as reported on Form 8938. However, you do not need to file Form 8938 for transactions (such as the sale or purchase of a stock or similar investment) occurring during a specified period. Here are some examples of how you may complete Form 8938: • An American investor purchases an investment • A British investor buys an investment in the U.S. • A Nigerian investor buys real estate to develop. • An Indian investor invests in U.S. mutual funds. • A Mexican investor buys stocks or other financial securities. • An Indian investor buys U.S. and Canadian government securities and U.S. mutual funds. The U.S. taxpayer is required to report the information on Form 8938, because it is important to understand who owns the financial assets you report. For further information, please see OMB Notice No. 15-02 (February 22, 2010) on the requirements to file the Form 8938. IRS Notice 2008-44, Miscellaneous Foreign Tax Credit for Expatriates — H&R Block For more information, consult IRS Notice 888, 2010-18 Foreign Tax Credit. You can find a detailed definition of “expatriate” on the IRS.gov site. The “foreign tax credit” is a credit of a tax paid or payable by an expatriated individual that is paid or payable to the United States, or paid to a foreign government. Note: For further information, consult Foreign Tax Credit Topic 2. IRS Notice 2011-29, Foreign Account Tax Compliance Act — U.S.
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