Hello! I have to file form 8938 and wondering if stocks held at a treasury of a bank are considered to be an asset or an account. It's not a regular account at the bank, and I cannot trade it at this point unless I move to a brokerage account. It is separated at the treasury level as I get year-end reporting from the foreign bank. So, I'm not sure if this is an account per se for form 8938. This is an account based on my foreign social security held in my name for me. It's not custodial for someone else.
I have been reporting this as "Other foreign Assets" but I wonder if I should report them as "Foreign Deposit". The word "Deposit" is why I haven't classified it as an account.
Yes, I know about FBAR, but this is specific to 8938
thanks in advance
According to this IRS source, these would be reported a financial assets and are not considered financial accounts. Examples of financial accounts include: Savings, deposit, checking, and brokerage accounts held with a bank or broker-dealer.
If your stocks are held outside a financial account, they are reportable on a 8938. If within a financial account, which is described above, then these are no reported on an 8938. I wouldn't report these as 'foreign deposits".