Specified Foreign Financial Assets.
Established thresholds. - Taxpayers resident outside the United States: - Unmarried or married filing separate tax returns: Total value of specified foreign financial assets SFFA was more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year. - Married taxpayers filing joint return: Total value of SFFA was more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year. - Taxpayers resident in the United States: - Unmarried or married filing separate tax returns: Total value of SFFA was more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year. - Married taxpayers filing joint return: Total value of SFFA was more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year. - Possible other filing requirements may also apply. |
Specified foreign financial assets include:
- Financial accounts maintained by a foreign financial institution. - Financial assets held for investment: - Stock or securities issued by someone not a US person. - Any interest in a foreign entity. - Any financial instrument or contract that has an issuer or counter-party that is not a US person. |