Form 8938 — FATCA Statement of Specified Foreign Financial Assets
Form 8938 is required by the Foreign Account Tax Compliance Act (FATCA) and must be filed by US taxpayers with specified foreign financial assets above certain thresholds. Unlike FBAR (which is filed separately with FinCEN), Form 8938 is filed as part of your Form 1040. Penalties for failing to file are severe — $10,000 per violation — and the IRS has been actively enforcing FATCA reporting. We ensure accurate, complete Form 8938 preparation as part of your US expat return.
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- ✓Everything in Standard
- ✓Schedule C & SE for self-employment
- ✓Multiple income sources and currencies
- ✓Everything in Premier
- ✓Foreign Earned Income Exclusion (Form 2555)
- ✓Foreign Tax Credit (Form 1116)
- ✓FBAR filing (FinCEN 114) included
- ✓Everything in Expat
- ✓Schedules D & E for investments and rentals
- ✓Foreign asset reporting (Form 8938)
- ✓FBAR filing (FinCEN 114) included
Frequently asked questions about Form 8938 — FATCA Statement of Specified Foreign Financial Assets
What are the Form 8938 filing thresholds for expats?
For US citizens living abroad, Form 8938 is required if the total value of specified foreign financial assets exceeds $200,000 on the last day of the year, or $300,000 at any point during the year (single filers). For married filing jointly, these thresholds double. The thresholds are lower for US residents.
What is the difference between Form 8938 and FBAR?
Both report foreign accounts, but they are different filings with different thresholds and coverages. FBAR (FinCEN Form 114) covers foreign bank and financial accounts over $10,000 and is filed separately with FinCEN. Form 8938 is filed with the IRS as part of your tax return and covers a broader range of foreign financial assets, with higher thresholds. Many expats must file both.
What are the penalties for not filing Form 8938?
The penalty for failure to file Form 8938 starts at $10,000. If the failure continues after IRS notification, an additional $10,000 penalty applies for each 30-day period, up to $50,000. There is also a 40% accuracy-related penalty on any tax understatement attributable to undisclosed foreign financial assets.
Does my foreign mortgage or real estate require Form 8938?
Foreign real estate held directly in your own name is not a specified foreign financial asset for Form 8938 purposes. However, if you own foreign real estate through a foreign company, partnership, or trust, the ownership interest in that entity is likely reportable on Form 8938.
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