report foreign credit card on the 8938

[newbie12345]

Find this from IRS website:
http://www.irs.gov/irb/2012-08_IRB/ar10.html

C. Special rule for foreign estates and foreign trusts
A beneficial interest in a foreign trust or a foreign estate is not a specified foreign financial asset of a specified person unless the specified person knows or has reason to know based on readily accessible information of the interest. Receipt of a distribution from the foreign trust or foreign estate is deemed for this purpose to be actual knowledge of the interest.

Does it means I only need to report it on 8938 when the law suite is finally settled and I actually receive some money if they sell this house or take over the house under my name?

[Mach7]

I guess the question here is did you know or have reason to know based on readily accessible information of this foreign trust?

I don't think the law suite really makes any difference at this point.

I really hope Nelsona chimes in, because I guarentee all your questions will be answered.

[Taxpoor]

Newbie, Here is a link to the IRS faq's on form 8938. This should answer your question regarding foreign estate(s).

http://www.irs.gov/Businesses/Corporati ... -Form-8938

I have been on many other forums and they all seem to feel that credit cards are not to be listed on 8938 unless they are 'prepaid' type.

hope this helps