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,