Foreign life insurance for Form 8938

[ravivenk]

I have a question on calculating the total value of foreign financial assets for form 8938. If I have an amount in my foreign life insurance investment plan that I did not withdraw yet, do I still need to include that in calculating the reporting threshold (total value of assets)?

[AmyC]

Yes, the cash surrender value should be added to your foreign assets. New this year, any virtual currency in a foreign wallet is also an asset and should be included.

See:

• Reporting Foreign Assets & Foreign Financial Accounts
• About Form 8938

[ravivenk]

Do I need to include the value for totaling even if I had not withdrawn it from the life insurance plan? Also, the policy is not yet terminated.

[AmyC]

Yes, you include the value available because you have access to that money - sort of like a savings account. You have it as a money source, if you want to take the money out.

[dsyhome0510]

hi

I have slightly different question;

The surrender value can be counted as the value of foreign financial asset, but how to fill the boxes of interest and gains/loss? I don't receive anything from policy. Ever year surrender value has a growth but not guaranteed. 

thanks

[DawnC]

If you did not receive interest or dividends or any of the items in Part lll, leave those boxes blank.   @dsyhome0510

You have an interest in a specified foreign financial asset even if no income, gains, losses, deductions, credits, gross proceeds, or distributions from holding or disposing of the asset are included or reflected on your income tax return for this tax year.

See - Instructions for Form 8938.  

[valleybuy]

Similar question, Inputs appreciated.

[valleybuy]

similar