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
Foreign Financial Assets
Moderator: Mark T Serbinski CA CPA
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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?
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?