Frequently Asked Questions

No. Form 8938 is attached to your income tax return (Form 1040) and filed with the IRS. There is no separate submission system. The FBAR, by contrast, is filed on its own with FinCEN through the BSA E-Filing System. See Form 8938 vs. FBAR.

For a single filer or married-filing-separately taxpayer living in the U.S., you must file if your specified foreign financial assets exceed $50,000 on the last day of the year or $75,000 at any point during the year. Thresholds are higher for joint filers and much higher for taxpayers living abroad. Full table: Reporting Thresholds.

Yes, if you are a specified person over the threshold. Form 8938 is a disclosure, not a tax calculation. The requirement applies regardless of whether the assets produced income or whether you owe anything extra.

Directly held foreign real estate is not a specified foreign financial asset, so it is not reported. However, if you hold the real estate through a foreign entity (such as a foreign corporation), your interest in that entity is reportable, and its value reflects the property. See Specified Foreign Financial Assets.

It depends. Crypto held in an account at a foreign exchange may fall within the definition of a foreign financial account. Crypto in a self-custodied wallet with no foreign financial institution is a genuinely unsettled area, and IRS/Treasury guidance continues to evolve. Confirm current rules before relying on any general statement.

Possibly yes. They are independent requirements with different thresholds and cover slightly different assets. Many people must file both in the same year; filing one does not satisfy the other.

Generally no. Unlike the FBAR, Form 8938 is about assets you have an ownership interest in, not accounts you merely have signature authority over. That same account, however, may still require an FBAR.

Use the asset's maximum fair market value during the year, converted using the U.S. Treasury Bureau of the Fiscal Service year-end exchange rate (or another publicly available rate, applied consistently, if Treasury doesn't publish one). For accounts, periodic statements are usually sufficient. See Valuing Foreign Assets.

Yes. Because Form 8938 is part of your return, you correct it by filing an amended return (Form 1040-X) for the affected year with a corrected Form 8938 attached. If you missed prior years entirely, consider getting professional advice on the best compliance path first.

No. If an asset is reported on Form 3520, 5471, 8621, or 8865, you don't report it in detail again on Form 8938 — you just indicate how many of those other forms you filed. This avoids duplicate reporting. See How to File.

The failure-to-file penalty starts at $10,000 and can rise by an additional $10,000 per 30 days (up to $50,000 more) after IRS notice, plus a 40% accuracy penalty on any related understatement. A missing form can also keep the statute of limitations open on your whole return. See Deadlines & Penalties.

Usually yes — a foreign pension or deferred compensation plan is generally a specified foreign financial asset, reported at the value of your interest. Valuation can be difficult when a plan won't give you a figure. This is one of the more nuanced areas: Foreign Pensions and Form 8938.

The IRS publishes the form, instructions, and a detailed comparison chart at irs.gov/forms-pubs/about-form-8938. For anything time-sensitive or high-stakes, cross-check there or with a licensed tax professional.