In reviewing the instructions for Form 8938, there is a section that addresses reporting thresholds. In the section, it mentions thresholds for Taxpayers that live in the US and those that lives overseas. There is no mention of if one spouse lives in the US and one lives overseas. There are two ways to report this.
- If you wish to file married filing jointly, file the 8938 if the total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.
- You may file your returns separately and have your own 8938. You would file one if you are married and file a separate income tax return from your spouse, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.
- Your wife would file separately. The instructions state "if you are married and file a separate income tax return from your spouse, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the tax year".
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