What Types of Assets Should I Report on FATCA?
There are many different types of assets which are also subject to reporting requirements, including:
- Financial accounts with FFIs, including both custodial and deposit accounts.
- Any securities or stocks you hold separately from a bank account or other financial account.
- Foreign mutual funds, hedge funds, and partnership interests.
- Any life insurance issued overseas, including annuity contracts.
According to the regulations of IRS, If you have to file FATCA, you must use Form 8938 (Statement of Specified Foreign Financial Assets) to make your disclosure to the IRS. Failure to report foreign financial assets on Form 8938 will result in a penalty of $10,000 (and a penalty up to $50,000 for continued failure after IRS notification)
Ustax Service can help you file a FATCA Form
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