giogis245 Posted February 12, 2020 Report Posted February 12, 2020 Clients are residents of USA, but have a house in Spain where they are originally from, they have filed form 8938 last year, do they have to continue filing. I would like to get familiar with this form but I have never had to use it. Thank you! Quote
FDNY Posted February 12, 2020 Report Posted February 12, 2020 The house is not considered a foreign financial asset, unless it is rented. Quote
Possi Posted February 12, 2020 Report Posted February 12, 2020 1 hour ago, FDNY said: The house is not considered a foreign financial asset, unless it is rented. *whew* Quote
FDNY Posted February 13, 2020 Report Posted February 13, 2020 23 hours ago, Possi said: *whew* Form is like a crossword puzzle, entails some thinking with pencil and eraser. 1 Quote
PatHack Posted February 14, 2020 Report Posted February 14, 2020 Foreign real estate is not included on the 8938. Rental property is not included on the 8938. If it is held by a corp, then the corp is reported on the 8938 the IRS has a good list of what needs to be included on this link https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements If they have a Spanish property, they may have a Spanish bank account...see Sch B questions. If the bank acct exceeded 10k, than an FBAR is needed (FinCEN 114) Quote
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