Foreign Undistributed Gains

[acattt]

I have a foreign financial account which has net worth growth in last year, but I haven't sold it so it's not considered capital gains. Should I file it?

[RichardG · Accepted solution]

You normally would not report a financial account with no income or capital gain/loss.  However, because this is a foreign financial account, there are special information reporting requirements.  You may be required an FBAR and/or Form 8939.

To go to the section in TurboTax Online that asks about foreign accounts, go here:

• My Account
• Tools
• Topic Search
• Type "foreign account" in the search box
• Click foreign accounts and trusts, questions on schedule b in the search results below.

If you're using TurboTax Desktop, type "foreign account" in the search box at the top right of the screen.

Please follow this link for more information.  https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements