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.
To enter Gains/ Losses info on Form 8938, here are the steps:
in TurboTax online,
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.
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!
I have exactly the same question. Were you able to figure this out?
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.