8938 finalized, but no space for 8891?

ikeaidea · Post by **ikeaidea** » Wed Dec 21, 2011 2:03 pm

IRS release the 8938. In the insturction, it said 8891 doesn't need to be reported but only Part IV. however, in 8938, all other forms are there, such as 5471, 3520... But no 8891?

Anybody knows about it?

Additionally, still for real estate, I saw a post in newspaper, said rental property need to be reported, but home is not. How about investment, such as land, house that lived by parents only?

Thanks.

nelsona · Post by **nelsona** » Wed Dec 21, 2011 2:35 pm

As the instructions point out, any 8891, since it is a substitute for 3520, is counted as a 3520.

I would suggest readin the instructions. there is no mantion of real estate as a specified foreign asset for this form's purposes.

ikeaidea · Post by **ikeaidea** » Tue Jan 03, 2012 12:59 pm

Hi Nilsona,it is said rental agreement is included as foreign investment contract of 8938. Then rental real estate is included.

nelsona · Post by **nelsona** » Tue Jan 03, 2012 1:40 pm

I see no such mention of renta agreement.

What instructions are you reading?!

ikeaidea · Post by **ikeaidea** » Tue Jan 03, 2012 2:09 pm

Sorry, not in the instruction. But from the professional CPA's post from several ways. The instruction is not clear, but professionals are sure that rental contracts are included.

nelsona · Post by **nelsona** » Tue Jan 03, 2012 2:38 pm

I would suggest you read the instructions instead. They may not be clear, but in no way can tehy be interpeted to include rental real estate.