Certain U.S. taxpayers holding specified foreign financial assets with an aggregate value exceeding $50,000 will report information about those assets on new Form 893
8, which must be attached to the taxpayer’s annual income tax return.
Married individuals filing jointly and residing in the United States are required to file Form 893
8 if their foreign financial assets are valued greater than $100,000 on the last day of the year or greater than $150,000 at any point during the year.
If you are required to file Form 893
8 but do not by the due date, you may be subject to a penalty of $10,000 per year.
Yes, if you are required to report foreign financial assets. For example, unmarried individuals residing in the United States are required to file Form 893
8 if the market value of their foreign financial assets is greater than $50,000 on last day of the year or greater than $75,000 at any time during the year.