Foreign Assets; What Must I Disclose?

more+
less-

Beginning with income tax returns for 2011, U.S. individual taxpayers must attach a statement (Form 8938) to their return if they hold an interest in “specified foreign financial interests” and the value of those interests exceed certain thresholds. Example for an individual the threshold is $50,000 at year end or $75,000 at anytime during the year.

For certain assets this will not be a difficult test to satisfy. If assets consist entirely of funds in a foreign financial institution and they exceed the threshold the test is satisfied. But the test may not be quite so simple for individuals that hold interests in closely held businesses or have interests in foreign trust or estates. The difficulty may come in estimating the value of those interests.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Sanford Millar, Law Offices of Sanford I. Millar | Attorney Advertising

Written by:

more+
less-

Law Offices of Sanford I. Millar on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×