I am 1/3 partner in private small foreign company, I didn't get any share/profit/dividend for 2018, I am not a co-signer on company account, Do I need to declare in tax

[smali29]

I am one of 3 partners in private family based small foreign company, I didn't get any share/profit/dividend  for 2018,  I am not a co-signer on company account. Company didn't pay me for anything in 2018.  One of the partner taking care of all company operation etc. 

But I am partner on paper, no earning expected in future too, I might get share if company get sell in near future.

Should I declare this as foreign asset ?

I didn't found option to select in turbo tax. 

[KittyM · Accepted solution]

Maybe, depending on the value of the asset. You are required by law to report to the IRS on Form 8938 if you have foreign assets in excess of the following:

• Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.

• Married individual filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.

You are required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) if the value of certain of your foreign assets exceeds $10,000.  I have included a link to the Form 8938 and FBAR Requirements for your further information.  You would have to upgrade to at least TurboTax Deluxe to file Form 8938.

[smali29]

My understanding with answer above, I don't need to declare just because I am partner on foreign company,  until personnel asset above threshhold limit.   I will file Married jointly and foreign account never went above or equal to $10,000. So there is no need to declare partnership.  Is this correct ?

[smali29]

link was tricky but answer the question.
Not sure if need to evaluate company vitual value or its account balance.  {if the value of certain of your foreign assets exceeds $10,000}