Foreign Undistributed Gains

acattt · ‎June 6, 2019

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 · ‎June 6, 2019

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

View solution in original post

RichardG · ‎June 6, 2019

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

Foreign Undistributed Gains