Should I file Form 8938 (FBAR) if I have an apartment abroad?

[anonymous8]

Hi,
I'm trying to understand if I should file Form 8938 (FBAR). Although I own a few foreign bank accounts, their aggregate maximum value, was never above $10,000 in year 2020. So I definitely didn't cross the threshold here.

But I'm still not sure, because I also own an apartment abroad, that is worth about $100,000. Does the apartment count when calculating "foreign financial assets"?

I found this on the IRS website: "Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.". I guess my question is, is an apartment treated as "foreign financial assets" for purposes of From 8938?

Should I file Form 8938 if the only assets abroad (worth more than $10k) was my apartment?

Thank you,

[MaryK4 · Accepted solution]

No, the 8938 is for "Financial Asset"

Foreign real estate is not a specified foreign financial asset required to be reported on Form 8938. For example, a personal residence or a rental property does not have to be reported.