Statement of Specified Foreign Financial Assets

Who Must File

Unless an exception applies, you must file Form 8938 if you are a specified person (see Specified Person, later) that has an interest in specified foreign financial assets and the value of those assets is more than the applicable reporting threshold.

If you are required to file Form 8938, you must report the specified foreign financial assets in which you have an interest even if none of the assets affects your tax liability for the year. See Specified Individual, Specified Domestic Entity, and Types of Reporting Thresholds, later.

Quién debe presentar el formulario

A menos que se aplique una excepción, debe presentar el modelo 8938 si es una persona determinada (véase Persona determinada, más adelante) que tiene una participación en activos financieros extranjeros determinados y el valor de dichos activos supera el umbral de declaración aplicable.

Si está obligado a presentar el Formulario 8938, debe declarar los activos financieros extranjeros especificados en los que tenga intereses, incluso si ninguno de los activos afecta a su obligación tributaria del año. Vea Persona física especificada, Entidad doméstica especificada y Tipos de umbrales de declaración, más adelante.

Traducción realizada con la versión gratuita del traductor www.DeepL.com/Translator

If you do not have to file an income tax return for the tax year, you do not have to file Form 8938, even if the value of your specified foreign financial assets is more than the appropriate reporting threshold.

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Specified Person

A specified person is either a specified individual or a specified domestic entity, defined later.

Specified Individual

You are a specified individual if you are one of the following.

• A U.S. citizen.

• A resident alien of the United States for any part of the tax year (but see Reporting Period, later).

• A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return.

• A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. See Pub. 570, Tax Guide for Individuals With Income From U.S. Possessions, for a definition of bona fide resident.

Resident aliens. You are a resident alien if you are treated as a resident alien for U.S. tax purposes under the green card test or the substantial presence test. For more information, see Pub. 519, U.S. Tax Guide for Aliens. If you qualify as a resident alien under either rule, you are a specified individual.

Special rule for dual resident taxpayers. If you are a dual resident taxpayer (within the meaning of Regulations section 301.7701(b)-7(a)(1)), who determines his or her income tax liability for all or a part of the tax year as if he or she were a nonresident alien as provided by Regulations section 301.7701(b)-7, file Form 8938 as follows.

Specified individual filing as a nonresident alien at the end of his or her tax year. You are not required to report specified foreign financial assets on Form 8938 for the part of your tax year covered by Form 1040-NR, provided you comply with the filing requirements of Regulations section 301.7701(b)-7(b) and (c), including the requirement to timely file Form 1040-NR, as applicable, and attach Form 8833, Treaty-Based Return Position Disclosure Under Section 6114 or 7701(b).

Specified individual filing as a resident alien at the end of his or her tax year. You are not required to report specified foreign financial assets on Form 8938 for the part of your tax year reflected on the schedule to Form 1040 or 1040-SR required by Regulations section 1.6012-1(b)(2)(ii)(a), provided you comply with the filing requirements of Regulations section 1.6012-1(b)(2)(ii)(a), including the requirement to timely file Form 1040 or 1040-SR and attach a properly completed Form 8833.

Specified Domestic Entity

You are a specified domestic entity if you are one of the following.

• A closely held domestic corporation that has at least 50% of its gross income from passive income.

• A closely held domestic corporation if at least 50% of its assets produce or are held for the production of passive income (see Passive income and Percentage of passive assets held by a corporation or partnership, later).

• A closely held domestic partnership that has at least 50% of its gross income from passive income.

• A closely held domestic partnership if at least 50% of its assets produce or are held for the production of passive income (see Passive income and Percentage of passive assets held by a corporation or partnership, later).

• A domestic trust described in section 7701(a)(30)(E) that has one or more specified persons (a specified individual or a specified domestic entity) as a current beneficiary.

Closely held domestic corporation. A domestic corporation is closely held if, on the last day of the corporation’s tax year, a specified individual directly, indirectly, or constructively owns at least 80% of the total combined voting power of all classes of stock of the corporation entitled to vote or at least 80% of the total value of the stock of the corporation.

Closely held domestic partnership. A domestic partnership is closely held if, on the last day of the partnership’s tax year, a specified individual directly, indirectly, or constructively holds at least 80% of the capital or profits interest in the partnership.

Constructive ownership. Sections 267(c) and (e)(3) apply for purposes of determining a specified individual’s constructive ownership in a domestic corporation or partnership, except that section 267(c)(4) is applied as if the family of an individual includes the spouses of the specified individual’s family members.

Passive income. Passive income means the part of gross income that consists of:

• Dividends, including substitute dividends;

• Interest;

• Income equivalent to interest, including substitute interest;

• Rents and royalties, other than rents and royalties derived in the active conduct of a trade or business conducted, at least in part, by employees of the corporation or partnership;

• Annuities;

• The excess of gains over losses from the sale or exchange of property described in Regulations section 1.6038D-6(b)(3)(i)(F) and that gives rise to the types of passive income listed above;

• The excess of gains over losses from transactions (including futures, forwards, and similar transactions) in any commodity, but not including:

  1. Any commodity hedging transaction described in section 954(c)(5)(A), or

  2. Active business gains or losses from the sale of commodities, but only if substantially all the corporation’s or partnership’s commodities are property described in paragraph (1), (2), or (8) of section 1221(a);

• The excess of foreign currency gains over foreign currency losses (as defined in section 988(b)) attributable to any section 988 transaction; and

• Net income from notional principal contracts.

Exception from passive income treatment for dealers. In the case of a domestic corporation or partnership regularly acting as a dealer in property described in Regulations section 1.6038D-6(b)(3)(i)(F), forward contracts, options contracts, or similar financial instruments (including notional principal contracts and all instruments referenced to commodities), passive income does not include the following.

1. Any item of income or gain (other than any dividends or interest) from any transaction (including hedging transactions and transactions involving physical settlement) entered into in the ordinary course of such dealer’s trade or business as such a dealer.

2. In the case of a corporation or partnership that is a dealer in securities (within the meaning of section 475(c)(2)), any income from any transaction entered into in the ordinary course of the corporation’s or partnership’s trade or business as a dealer in securities.

Passive income or assets of related corporations and partnerships. For purposes of determining whether a domestic corporation or partnership meets the passive income or asset test, domestic corporations and domestic partnerships that are closely held by the same specified individual and that are connected through stock or partnership ownership with a common parent corporation or partnership are treated as owning the combined assets and receiving the combined income of all members of that group. For this purpose, any contract, equity, or debt existing between members of the group, as well as any items of gross income arising from that contract, equity, or debt, is eliminated.

Connected stock or partnership ownership. A domestic corporation or partnership is considered connected through stock or partnership interest ownership with a common parent corporation or partnership in the following circumstances.

1. Stock representing at least 80% of the total combined voting power of all classes of stock of the corporation entitled to vote or of the value of such corporation, other than stock of the common parent, is owned by one or more of the other connected corporations, connected partnerships, or the common parent.

2. Partnership interests representing at least 80% of the profits interests or capital interests of the partnership, other than partnership interests in the common parent, is owned by one or more of the other connected corporations, connected partnerships, or the common parent.

Percentage of passive assets held by a corporation or partnership. For purposes of determining whether at least 50% of your assets produce or are held for the production of passive income, the percentage of passive assets held by the corporation or partnership for a tax year is the weighted average percentage of passive assets (weighted by total assets and measured quarterly). The value of assets of the corporation or partnership is the fair market value or the book value. The book value of assets is the amount reflected on the corporation’s or partnership’s balance sheet and may be determined under either a U.S. or an international financial accounting standard. See Example 1 below, which illustrates the application of this weighted average asset rule.