When Filing US Taxes Abroad, Do I Report My Home on Form 8938?


With constantly changing tax laws for foreign assets, it is difficult for US expats to know exactly what they must report when filing US taxes abroad. This video blog explains how homes and personal property are treated for the purposes of filing Form 8938.

VIDEO TRANSCRIPT

Hi everybody, I’m David McKeegan with Greenback Expat Tax Services. Our question today is, “Is my house an asset on Form 8938?” This is the FATCA form, it’s a new form that’s being required starting in the 2012 tax year. We have another video on this one comparing it to the FBAR if you want to learn more about this form. Answer to the question? Generally speaking no. Homes and personal property are not considered assets for the FBAR or for Form 8938. On Form 8938 the exception would be if your home is owned inside a foreign entity.

If you set up a foreign corporation or something like that, a limited liability company that owns your home, then it could potentially need to be reported on the Form 8938. That’s all for today if you have questions about FATCA or the FBAR or anything like that. Anything US tax related, please let us know and we will be more than happy to help you out. Thank you very much.

Need More Information About Form 8938?

If you still have questions, take a peek at our blog post which provides a detailed look at the ins and outs of Form 8938. If you would like more information about Greenback Expat Tax Services or need help filing your expat taxes, please contact us.

 

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