Where should I report the losses as entered on Form 8938, part 3, line 1e (foreign deposit account)?

Forum|Forum|5 years ago
March 31, 2021
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I am a residential alien for tax purposes and I have a foreign bank account which I need to report. I spend some $3000 from that account, which I think I have to report under part 3, line 1e as gains/losses. But then I also have to write where I reported it, on which form or schedule. What should I do? Thanks.

linaj20201

Level 14

To enter Gains/ Losses info on Form 8938, here are the steps:

in TurboTax online,

Sign in to your TurboTax account and select Pick up where you left off
At the right upper corner, in the search box, type in "foreign assets" and Enter
Select Jump to foreign assets
Follow prompts
On screen "Amounts Related to Foreign Financial Assets", enter info under Gains/Losses

Per IRS, there are two types of foreign financial assets: 1) Foreign Financial Accounts; and 2) what the IRS calls "Other Foreign Financial Assets." On the form, you will be asked about each type separately because the IRS requires different information for each type.

anonymoussjAuthor

Level 2

Thanks, @linaj20201. I found out where to fill in the information on Form 8938.

However, on Form 8938, I also have to write down on what other forms I have reported these numbers (column d). For example, interest from foreign accounts can be reported on form 1040, schedule B. However, I don't know if and on what other form that is part of my tax return I should report the gains/losses. Do you happen to know? Thanks!