How to report Foreign Assets?

If you have foreign assets, you may be required to report them on your tax return. The reporting requirements depend on the type and value of the assets. Here are some examples:

• Foreign bank accounts: If you have a foreign bank account with financial interest or signature authority with the aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year, you may need to file a Report of Foreign Bank and Financial Accounts (FBAR). The FBAR is filed separately from your tax return and is due by April 15th or has automatic extension until October 15th each year.

• Foreign financial assets: If you have foreign financial assets with a total value of $50,000 or more, you may need to file Form 8938, Statement of Specified Foreign Financial Assets, with your tax return.
• Foreign trusts: If you have an interest in a foreign trust, you may need to file Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, with your tax return.
• Foreign corporations and partnerships: If you own stock in a foreign corporation or have an interest in a foreign partnership, you may need to file Form 5471 or Form 8865 with your tax return.