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U.S. persons (and executors of estates of U.S. decedents) file Form 3520 to report:
- Certain transactions with foreign trusts.
- Ownership of foreign trusts under the rules of sections Internal Revenue Code 671 through 679.
- Receipt of certain large gifts or bequests from certain foreign persons.
A transfer of money from one account you own to another account you own is not reportable income. However, if you have foreign assets, those may need to be reported.
You'll need to report these assets and file Form 8938 (Statement of Specified Foreign Financial Assets) if any of the following are true:
- - If you are living in the U.S. and are not married filing a joint return, you should file Form 8938 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.
- - If you are living in the U.S. and are married filing a joint return, you should file Form 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.
- - If you are living abroad and are not married filing a joint return, you should file Form 8938 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.
- - If you are living abroad and are married filing a joint return, you should file Form 8938 if the total value of your specified foreign financial assets is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the tax year.
If you are required to file Form 8938 but do not file a complete and correct Form 8938 by the due date of your federal income tax return (including extensions), you may be subject to a penalty of $10,000. Continuing failure to file Form 8938 could result in additional penalties up to $50,000.
See the IRS instructions for Form 8938 for more information.
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‎January 18, 2021
2:51 PM