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Compliance Reporting US

Foreign Account Tax Compliance Act Reporting for US Expats FATCA (Foreign Account Tax Compliance Act) Form 8938 must be completed by US expats residing outside the US if specified foreign assets exceed the following thresholds:

Single filing:

  • $200,000 on the last day of the year
  • Or $300,000 at any point during the year

Married filing jointly:

  • $400,000 on the last day of the year
  • Or $600,000 at any point during the year

Specified foreign assets include (but are not limited to):

  • Any financial account maintained by a foreign financial institution
  • Other foreign financial assets held for investment that are not in an account maintained by a US or foreign financial

Institution, namely:

  • Stock or securities issued by someone other than a US person
  • Any interest in a foreign entity
  • Any financial instrument or contract that has as an issuer or counter party that is other than a US person

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