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Topic: Form 8938 thresholds - in your partial first year out of the US  (Read 982 times)

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Form 8938 thresholds - in your partial first year out of the US
« on: February 11, 2015, 07:48:28 PM »
For married filing joint the threshold for form 8938 is $100k if living in the US and $400k if living outside the US.

If we move to the UK later this year and transfer the proceeds of house sales over we'll have more than $100k and less than $400k for the latter part of the year that we are not living in the US.   Since we won't have been out of the US for 330days come filing time does that mean we should file form 8938 ?


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Re: Form 8938 thresholds - in your partial first year out of the US
« Reply #1 on: February 12, 2015, 08:12:54 AM »
Well to plan ahead, but this will be a question for your 2015 tax return, and the thresholds may change by then. When in doubt, include the form, particularly if it's just a 'reporting/informational' form.

The FBAR filing for calendar year 2015, which you will do in 2016 (before June 30) will definitely be required, assuming the $$ goes into an account with your name or signature authority.
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Re: Form 8938 thresholds - in your partial first year out of the US
« Reply #2 on: February 12, 2015, 12:48:30 PM »
Thanks Vadio.   I know it's just a requirement for next year's filing (April 2016).   I suspect I'll be subject to the lower limits having been out of the US for less than 330 days, but as you said, it's just an informational filing, and to be honest the form doesn't look too bad - particularly if you only have a couple of bank accounts.


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