Foreign Assets

Beginning with tax returns filed in 2012, married people who file joint returns must attach Form 8938 to their personal income tax returns if foreign financial assets are greater than $100,000 at the end of 2011 or exceeds $150,000 at any time during the year.  These amounts are halved for single taxpayers.  Foreign financial assets include bank accounts, interests in foreign business and foreign investment assets.  Please note – the penalties for failing to file Form 8938 are steep, $10,000 to $50,000.