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September 26, 2024
Question

I have a an "other foreign financial asset" that is an investment account. It is managed by a bank. What do I select as the entity type? None seem to fit.

  • September 26, 2024
  • 2 replies
  • 0 views
Partnership, Corporation, Trust and Estate do not seem to apply in this situation. Is there another way to enter this information?

2 replies

Employee
September 26, 2024
No text available
Employee
September 26, 2024

@littlemisskissey75  from your post should I assume that you are talking about how to report  Foreign specified assets for purposes form 8938 ?   Or are you at line 3 --" type of filer" -- if so then you are a "specified individual".  A specified individual is a person whom comes under the regs pertaining to FATCA..  This is generally a US person ( Citizen / GreenCard / Resident for Tax purposes ).

 

If you have a foreign bank / broker  account with cash or cash equivalent or monies held for investment , then you meet the reporting requirements of FATCA.  RealEstate is not Specified  financial item.

 

Does this help ?   Is there more I can do for you ?

September 26, 2024

This still does not answer what I select as the Entity type....and yes, I am referring to form 8398. Thanks in advance.

Employee
September 26, 2024

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