MORE ON IRS FORM FATCA (8938) VS. FBAR

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In IRS Form 8938 Or FBAR?, I listed filing rules and differences between the new IRS Form 8938 and the FBAR. Here are a few more.

Types of Foreign Assets and Whether They are Reportable

Form 8938

FBAR

Financial (deposit & custodial) accounts held at foreign financial institutions

Yes

Yes

Financial account held at a foreign branch of a U.S. financial institution

No

Yes

Financial account held at a U.S. branch of a foreign financial institution

No

No

Foreign financial account for which you have signature authority

No, unless you otherwise have an interest in the account as described above.

Yes, subject to exceptions.

Foreign stock or securities held in a financial account at a foreign financial institution

The account itself is subject to reporting, but the contents of the account do not have to be separately reported.

The account itself is subject to reporting, but the contents of the account do not have to be separately reported.

Foreign stock or securities not held in a financial account

Yes

No

Foreign partnership interests

Yes

No

Indirect interests in foreign financial assets through an entity

No

Yes, if sufficient ownership or beneficial interest (i.e., a greater than 50% interest) in the entity.

Foreign mutual funds

Yes

Yes

Domestic mutual fund investing in foreign stocks and securities

No

No

Foreign accounts and foreign non-account investment assets held by foreign or domestic grantor trust for which you are the grantor

Yes, as to both foreign accounts and foreign non-account investment assets.

Yes, as to foreign accounts.

Foreign-issued life insurance or annuity contract with a cash-value

Yes

Yes

Foreign hedge funds and foreign private equity funds

Yes

No

Foreign real estate held directly

No

No

Foreign real estate held through a foreign entity

No, but the foreign entity itself is a specified foreign financial asset and its maximum value includes the value of the real estate.

No

Foreign currency held directly

No

No

Precious metals held directly

No

No

Personal property, held directly (such as art, antiques, jewelry, cars and other collectibles)

No

No

Social Security-type program benefits provided by a foreign government

No

No

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