Where should I report the losses as entered on Form 8938, part 3, line 1e (foreign deposit account)?

[anonymoussj]

I am a residential alien for tax purposes and I have a foreign bank account which I need to report. I spend some $3000 from that account, which I think I have to report under part 3, line 1e as gains/losses. But then I also have to write where I reported it, on which form or schedule. What should I do? Thanks.

[LinaJ2020]

To enter Gains/ Losses info on Form 8938, here are the steps:

in TurboTax online,

• Sign in to your TurboTax account and select Pick up where you left off
• At the right upper corner, in the search box, type in "foreign assets" and Enter
• Select Jump to foreign assets
• Follow prompts
• On screen "Amounts Related to Foreign Financial Assets", enter info under Gains/Losses

Per IRS, there are two types of foreign financial assets: 1) Foreign Financial Accounts; and 2) what the IRS calls "Other Foreign Financial Assets."  On the form, you will be asked about each type separately because the IRS requires different information for each type.

[anonymoussj]

Thanks, @LinaJ2020. I found out where to fill in the information on Form 8938.

However, on Form 8938, I also have to write down on what other forms I have reported these numbers (column d). For example, interest from foreign accounts can be reported on form 1040, schedule B. However, I don't know if and on what other form that is part of my tax return I should report the gains/losses. Do you happen to know? Thanks!

[ps83]

I have exactly the same question. Were you able to figure this out?

[anonymoussj]

No, I haven't been able to find an answer anywhere.

I ended up only writing down the losses that I had, which were relatively small. Just some money that I transferred from my bank account abroad to my US account to use. I haven't found any information about that these personal losses should be reported, only information about gains/losses from investments etc. I ended up reporting the amount of money that I had taken from that bank account on form 8938, part III, line 1e, column c as a loss. In column d I wrote NA.

I might have written it down completely wrongly, but at least I could show that I didn't want to hide anything. I did receive my tax refund from the IRS recently, so it seems things have worked out.

Sorry, other than this information, I cannot give you any reliable advice.