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Is an NYSE listed stock for a company with HQ in Ireland a Foreign Financial Asset

Helping my mom with taxes due to the unexpected passing of my father.  He has owned for ages shares of stock (managed through his brokerage account) in a company that is listed on the NYSE whose headquarters are in Ireland. He was previously answering Yes to the TurboTax prompt for 'Do you have any foreign financial assets?'  but from what I see in the help dialog in TurboTax, it states the following, which indicates that the answer should instead be No:

 

         - Any equity or debt interest in a foreign financial institution (other than interested that are regularly traded on an established securities market)

 

Should the answer to this prompt instead be No?

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Accepted Solutions
MinhT1
Expert Alumni

Is an NYSE listed stock for a company with HQ in Ireland a Foreign Financial Asset

The answer should be No.

 

Stock of a foreign company listed in the US and held in a US brokerage account is not a foreign financial asset.

 

Please see the definition of foreign financial assets in this IRS document.

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1 Reply
MinhT1
Expert Alumni

Is an NYSE listed stock for a company with HQ in Ireland a Foreign Financial Asset

The answer should be No.

 

Stock of a foreign company listed in the US and held in a US brokerage account is not a foreign financial asset.

 

Please see the definition of foreign financial assets in this IRS document.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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