Foreign Financial Assets

klanfa · Post by **klanfa** » Thu Mar 22, 2012 11:25 pm

Hi,

I own 2 condos in Canada of combined value approx. $730K. My equity is about 20% of that, around $150K. The rest is mortgage.

In TurboTax, there is a question "Was the total value of your specified foreign assets more than $400K on Dec 31 2011 or $600K at any time during the year?"

I'm guessing the answer would be yes because it's my name on them? Equity doesn't matter?

Thanks

jalways747 · Post by **jalways747** » Fri Mar 23, 2012 9:20 am

is real estate included in this category ?

klanfa · Post by **klanfa** » Sat Mar 24, 2012 2:18 am

It's for 8938, Statement of Specified Foreign Financial Assets. Not sure how I ended up here, I was going through the Easy Guide.

How about this - if real estate doesn't go in here, does it have to be reported anywhere? I'm guessing uncle Sam wants to know about my assets abroad? If nothing else I'll be claiming mortgage interest (on both residences for 2011 prior to my move to US, and for one residence as my second home after the move), so these should be listed somewhere in tax return?

klanfa · Post by **klanfa** » Thu Mar 29, 2012 10:18 pm

Does real estate go under this category or elsewhere?