Do I have to report foreign investments?

A foreign account is a specified foreign financial asset even if its contents include, in whole or in part, investment assets issued by a U.S. person. You do not need to separately report the assets of a financial account on Form 8938, whether or not the assets are issued by a U.S. person or non-U.S. person.

Do dual citizens have to file FBAR?

Dual citizens, along with all other “United States persons”, must file a Report of Foreign Bank Accounts, also known as an FBAR, if the aggregate value of their foreign financial accounts exceeds $10,000 at any time during the year.

What do dual citizens need to know about IRS?

In a fact sheet ( FS-2011-13 ) released Friday, the IRS reminded U.S. citizens and dual citizens of the United States and foreign countries who live abroad about U.S. filing requirements, including Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).

What kind of investments do you have to report to the IRS?

However, reportable offshore income is not necessarily limited to the contents of one’s foreign checking or savings accounts: in addition, taxpayers are further required to disclose various foreign investments, such as foreign mutual funds.

What are the requirements for reporting a foreign investment?

Year of Acquisition – 10% Ownership Depending on whether you received more than 10% ownership (and there are some other threshold requirements possibly as well), you may be required to report on a much more complicated form – such as a form 5471 or 8865.

Do you have to report foreign real estate on your tax return?

Foreign accounts maintained by foreign financial institutions must also be reported on Form 8938. However, United States citizens who rent out the foreign real estate they own will have to report their rental income on their personal federal tax return (Form 1040), even if they don’t file Form 8938.