form 8938.....presence test

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coco1106
Posts: 80
Joined: Sun Jan 20, 2019 3:40 pm

form 8938.....presence test

Post by coco1106 »

Form 8938


Presence abroad. You satisfy the
presence abroad test if you are one of
the following.
• A U.S. citizen who has been a bona
fide resident of a foreign country or
countries for an uninterrupted period
that includes an entire tax year.
• A U.S. citizen or resident who is
present in a foreign country or countries
at least 330 full days during any period
of 12 consecutive months that ends in
the tax year being reported.

https://www.irs.gov/pub/irs-pdf/i8938.pdf

I have tried to research this topic but the above text is confusing .....I copied from form 8938 and have included the link.
Depending on threshold for US citizens living abroad we will probably reach a threshold ( when we transfer US funds from sale of home to Canadian bank for new home)

Would we have to file form 8938 if we are part year residents in Canada for the first year we move ??
January to July USA residents 2020
August to December Canadian residents 2020
File dual returns in April 2021

We would have been Canadian residents for 5 months in 2020..........would we file 8938 for the canadian bank account for those 5 months, reading the above passage it appears NO ???
I know for fbar it says for any time account is greater than 10K us then it has to be reported, do the same rules apply for 8938.

I would definitely rather over report for sure, any insight would be very much appreciated .
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