New form for the IRS

[Royverl]

I got this from the guy that does my taxes. I clicked on this web site but it does not say anything about how much you need to have in forign assets to be necessary to fill out this new form. Maybe someone else may have some addition info for reference.

Foreign financial assets. If you had foreign financial assets in 2011, you may have to file new Form 8938 with your return.

Check www.IRS.gov/form8938 for details.

[Brisco]

I got this from the guy that does my taxes. I clicked on this web site but it does not say anything about how much you need to have in forign assets to be necessary to fill out this new form. Maybe someone else may have some addition info for reference.

Foreign financial assets. If you had foreign financial assets in 2011, you may have to file new Form 8938 with your return.

Check www.IRS.gov/form8938 for details.

This is your second post and your a Newbie?

1) Either it is a usefull find and great

or

2) A trap set for Dinar holders to be logged into an IRS iP file

LOL LOL

So I will just let my Lawyer & Accountant deal with it.

[Gooserider67]

This is your second post and your a Newbie?

1) Either it is a usefull find and great

or

2) A trap set for Dinar holders to be logged into an IRS iP file

LOL LOL

So I will just let my Lawyer & Accountant deal with it.

Meow !!! lol good one Brisco....

[DinarMillionaire]

I. Background and Purpose

Section 511 of the Hiring Incentives to Restore Employment Act, Pub. L. No.

111-147, 124 Stat. 71, enacted on March 18, 2010 (the HIRE Act), amended the

Internal Revenue Code by adding new section 6038D, Information With Respect to

Foreign Financial Assets. Section 6038D applies to taxable years beginning after

March 18, 2010. Under section 6038D(a), any individual who during the taxable year

holds an interest in any specified foreign financial asset is required to attach to his or

her income tax return for the taxable year certain required information with respect to

each specified foreign financial asset if the aggregate value of all of the individual’s

specified foreign financial assets exceeds $50,000.

Form 8938, Statement of Foreign Financial Assets

Use Form 8939 to report the ownership of specified foreign financial assets if the total value of those assets is more than the applicable reporting threshold.

Edited December 1, 2011 by DinarMillionaire

[DFWDesperado]

I got this from the guy that does my taxes. I clicked on this web site but it does not say anything about how much you need to have in forign assets to be necessary to fill out this new form. Maybe someone else may have some addition info for reference.

Foreign financial assets. If you had foreign financial assets in 2011, you may have to file new Form 8938 with your return.

Check www.IRS.gov/form8938 for details.

The Form is not released, and is only required if assets of over $50,000

http://www.irs.gov/pub/irs-drop/n-11-55.pdf

[Gooserider67]

Brisco I'm sorry... I was going to plus one you but my finger twitched and neg you by accident... I owe you one and give you two... sorry...

[Mr T]

I. Background and Purpose

Section 511 of the Hiring Incentives to Restore Employment Act, Pub. L. No.

111-147, 124 Stat. 71, enacted on March 18, 2010 (the HIRE Act), amended the

Internal Revenue Code by adding new section 6038D, Information With Respect to

Foreign Financial Assets. Section 6038D applies to taxable years beginning after

March 18, 2010. Under section 6038D(a), any individual who during the taxable year

holds an interest in any specified foreign financial asset is required to attach to his or

her income tax return for the taxable year certain required information with respect to

each specified foreign financial asset if the aggregate value of all of the individual’s

specified foreign financial assets exceeds $50,000.

Form 8938, Statement of Foreign Financial Assets

Use Form 8939 to report the ownership of specified foreign financial assets if the total value of those assets is more than the applicable reporting threshold.

Here's some more info on the form instructions...

I read through the instructions for this form and it doesn't specify that foreign currencies are included. Here is the link to the IRS site with the instructions: www.irs.gov/pub/irs-dft/i8938--dft.pdf

In case I missed something in the instructions related to currencies, I thought I would post the reporting threshholds that are specified. Keep in mind that this is currently in draft form right now on the IRS website. Here are the reporting threshholds:

Determining the Reporting Threshold That Applies to You. If you satisfy the reporting threshold discussed below that applies to you and no other exception applies, file Form 8938 with your income tax return.

Unmarried taxpayers living in the United States. If you are not married and not living abroad, you satisfy the reporting threshold if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $100,000 at any time during the tax year.

Married taxpayers filing a joint income tax return and living in the United States. If you are married and you and your spouse file a joint income tax return and do not live abroad, you satisfy the reporting threshold only if the value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $200,000 at any time during the tax year.

Married taxpayers filing separate income tax returns and living in the United States. If you are married, file a separate income tax return from your spouse, and do not live abroad, you satisfy the reporting threshold if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $100,000 at any time during the tax year.

Edited December 1, 2011 by Mr T

[ExecConsult]

The purpose of the form and the law behind it is to better capture those assets people are HOLDING IN FOREIGN COUNTRIES. Most of us are holding our assets in the U.S. and even purchased them from a U.S. dealer.

Unless you have a Warka account or other substantial holdings outside of the U.S., your accountant probably never should have worried you with that form. It does not affect your Dinar holdings in the U.S. You are not holding foreign assets. You are holding U.S. domesticated assets that you just happened to originate from a foreign country.

Best of Blessings,

Mark

[MovieMaker]

Thank you Mark as always, great helpful information. +1

Royverl,

Thanks for your posting

[lightfighter]

The purpose of the form and the law behind it is to better capture those assets people are HOLDING IN FOREIGN COUNTRIES. Most of us are holding our assets in the U.S. and even purchased them from a U.S. dealer.

Unless you have a Warka account or other substantial holdings outside of the U.S., your accountant probably never should have worried you with that form. It does not affect your Dinar holdings in the U.S. You are not holding foreign assets. You are holding U.S. domesticated assets that you just happened to originate from a foreign country.

Best of Blessings,

Mark

Thanks for coming out of retirement plus one

U2 millionaire

Edited December 10, 2011 by lightfighter

[kox]

Thanks Mark, we appreciate you keeping us in line. We can always count on you. Thanks and a Merry Christmas to us all.

[Abarvets]

The purpose of the form and the law behind it is to better capture those assets people are HOLDING IN FOREIGN COUNTRIES. Most of us are holding our assets in the U.S. and even purchased them from a U.S. dealer.

Unless you have a Warka account or other substantial holdings outside of the U.S., your accountant probably never should have worried you with that form. It does not affect your Dinar holdings in the U.S. You are not holding foreign assets. You are holding U.S. domesticated assets that you just happened to originate from a foreign country.

Best of Blessings,

Mark

Thank you for the information, as always it is greatly appreciated!