The answer to the taxpayer's question should be modified. The question is "Having a saving bank account in Puerto Rico is considered as having a foreign bank account?" The reply stated it is not for FBAR purposes, which is the correct answer--with respect to FBAR. However, it could be a foreign bank acct. for Form 8938 purposes, which must be attached to the Form 1040. A Form 8938, "Statement of Specified Foreign Financial Assets", must be completed to report the PR Savings Acct. if the bank with the acct. was created in PR and the owner of the acct. is not a resident of Puerto Rico. See Form 8938 Instructions. Joseph W. Heiser, CPA
