Foreign Asset Tax Reporting Requirements
Note
For the tax and withholding treatment of resident and non-resident aliens see Non-Resident and Resident Aliens.
If you have foreign assets, you need to follow specific IRS tax reporting regulations. The detailed information found in this guide will help you stay in compliance with federal law.
Related IRS & FinCEN Publications and Forms
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Form 3520 - Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts
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Form 3520A - Annual Information Return of Foreign Trust with a U.S. Owner
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Form 5471 – Information Return of U.S Persons with Respect to Certain Foreign Corporations
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Form 8938 - Statement of Specified Foreign Financial Assets
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FinCEN 114 - Report of Foreign Bank and Financial Accounts
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IRS Pub 5569 - Report of Foreign Bank and Financial Accounts (FBAR) Reference Guide
MOST COMMONLY ENCOUNTERED FOREIGN REPORTING REQUIREMENTS
The following table provides an overview of various types of foreign assets and the reporting requirements associated with them – the 8938 or 114 form needs to be filed when the applicable monetary threshold (discussed below) for each form is exceeded. (Source IRS Website)
