Do I need to report Foreign Financial accounts (Form 8938) if I am a managing partner of an LLC that holds foreign bank accounts?

Forum|Forum|3 years ago
April 12, 2023
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I have a 21% ownership in an LLC that has foreign subsidiaries with foreign bank accounts. Do I need to file 8938 reporting Foreign Bank accounts? How do I calculate the threshold...is it just my constructive portion of the value of the bank accounts?

DaveF1006

According to 8938 reporting requirements, Certain domestic corporations, partnerships, and trusts that are considered formed or availed of for the purpose of holding, directly or indirectly, specified 0foreign financial assets (specified domestic entities) must file Form 8938 if the total value of those assets exceeds $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

The LLC would file this on the entity level (1065) and you would not report these on a individual level.

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