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Level 1
posted Mar 13, 2025 10:13:16 PM

Filing 8938 with submitted 3520

I'm seeing plenty of discussions here when it comes to filing a 8938 after having filed a 3520 specifically for folks who held a foreign bank account. However, what if no foreign bank account was ever owned and the money from a foreign person was wired directly to a US bank account?

 

My father in-law (non-US citizen) had wired my wife (US citizen) over $100K as gift money to her US bank account. Hence, we've filed and submitted our 3520 but I'm having trouble confirming whether we need to also file a 8938 when we've never held any foreign financial assets or bank accounts.

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1 Best answer
Expert Alumni
Mar 14, 2025 2:51:24 PM

No. You do not need to file a 8938 unless you own foreign-specified assets, which includes a bank account. If your wife, did not own an account in her name overseas, you don't need to file 8938.  

 

1 Replies
Expert Alumni
Mar 14, 2025 2:51:24 PM

No. You do not need to file a 8938 unless you own foreign-specified assets, which includes a bank account. If your wife, did not own an account in her name overseas, you don't need to file 8938.