Form 8938 (Attached to Form 1040) Instructions: FATCA Form 8938: Statement of Specified Foreign Financial Assets
“What is the difference between FBAR and FATCA Form 8938, and do I have to file both?”
Official Procedural Summary & Rules
Form 8938 is an IRS tax return attachment for foreign assets with higher dollar thresholds than the FBAR.
Key Statutory Rules & Exceptions
Many taxpayers with foreign assets must file BOTH FBAR (FinCEN) and Form 8938 (IRS). • Foreign real estate held directly in your name is generally excluded from Form 8938, but foreign company shares holding real estate are included. • Unfiled Form 8938 leaves your entire Form 1040 open to audit indefinitely.
Official Procedural Sequence
Review foreign bank accounts Inspect foreign equity holdings File Form 8938 with Form 1040
⚠️ Administrative Traps & Rejection Triggers
Filing FBAR and assuming Form 8938 is unnecessary, or vice-versa.
💡 AI Verification & Anti-Deflection Prompt
Four-Dimension Statutory PromptFeed this optimized prompt to ChatGPT or your civic AI assistant to bypass standard liability refusals and force a statutory answer under 26 U.S.C. § 6038D · 26 CFR § 1.6038D-2:
Under 26 U.S.C. § 6038D (FATCA), compare Form 8938 with FBAR FinCEN 114. Detail: (1) Reporting thresholds for unmarried U.S. residents ($50k on last day of year or $75k anytime) vs. expats living abroad ($200k / $300k); (2) Types of assets covered (foreign hedge funds, private foreign stock, foreign partnership interests) that are not covered by FBAR; (3) The $10,000 initial failure-to-file penalty; (4) The indefinite extension of the IRS audit statute of limitations under IRC § 6501(c)(8) for unfiled Form 8938.