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If you own foreign investments, you may have an additional federal tax filing requirement this year. Read more | | Bay Business Group LLC
If you own foreign investments, you may have an additional federal tax filing requirement this year. Form 8938, "Statement of Specified Foreign Financial Assets," is due April 17, 2012, and is filed as part of your individual tax return. You'll use Form 8938 to disclose interests in certain foreign financial accounts when your ownership exceeds the reporting requirements. What are the reporting requirements? They vary depending on where you live and your filing status. For example, say you're married and live in the United States, and you'll file a joint tax return for 2011. You'll include Form 8938 with your tax return when the total value of your reportable assets on the last day of 2011 is more than $100,000, or if the value exceeds $150,000 at any time during the year. Tip: In some cases, you may also need to file Form 8938 for tax year 2010. Reportable assets include investment accounts you own that are held in foreign financial institutions, interests in foreign entities, and