Form 8938-Maximum Value & assets not required to be reported

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qrchunra
Posts: 2
Joined: Mon Apr 26, 2021 1:59 pm

Form 8938-Maximum Value & assets not required to be reported

Post by qrchunra »

Hi, have 3 questions relating to Form 8938.
1. In your FBAR_2020_v3 sheet, 'Maximum Vaule* during the year'. Does this refer to the balance in the account? If an account has 10k, credit account with 15k and debit 15k on the same day. Account remains 10k balance. Can I use 10k as the maximum value?

2. Form 8938 instructions, Assets not required to be reported - a brokerage account in Canada. When the brokerage account is a US company with headquarter in US, is the company in Canada considered a domestic branch of a foreign subsidiary of a US financial institution? For example, Merrill Lynch.

3. If foreign account holding US dollar mutual funds in a foreign financial institution, is the account required to be reported?
Thank you
qrchunra
Posts: 2
Joined: Mon Apr 26, 2021 1:59 pm

Re: Form 8938-Maximum Value & assets not required to be reported

Post by qrchunra »

forgot to mention: dual citizen. need to fill out form 8938. Appreciate the help. Thanks a lot.
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