I have a question about foreign assets

[vincentandesther]

I have in total about $96000 in foreign assets. Last year I filled with H&R block and they told me I had to register these bank accounts with the IRSwith form 8938 but Turbo tax says because it's below $100.000 we don't need to inform there IRS. Is this correct? I also got interest on these accounts. Do I have to report those?

[pk · Accepted solution]

if these is cash or other essentially liquid / specified  assets in a foreign account  and your filing status is MFJ, total value at least $100,000 on the last day of the yer or $150,000 at anytime during the year, you are required to file form 8938.

Note that the FBAR filing requirement is much lower ( $10,000)

if you need more help, please feel free to add to this thread / comments