I have read in many places words similar to:
"foreign real estate held by an individual is not reportable on Form 8938"

However, based upon what I read (in just one place), I believe that should read:
"fully paid for foreign real estate held by an individual is not reportable on Form 8938"

That one source said in effect: If you have a bank mortgage, developer financing, or
have just paid a deposit on a buliding to be built, it has to be reported.

Is this one source correct? Does it matter if the real estate is not fully paid for?
---
Fred J. Tydeman Tydeman Consulting
tydeman@tybor.com Testing, numerics, programming
+1 (702) 608-6093 Vice-chair of PL22.11 (ANSI "C")
Sample C99+FPCE tests: http://www.tybor.com
Savers sleep well, investors eat well, spenders work forever.

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On Tuesday, June 28, 2022 at 12:03:50 PM UTC-4, Fred J. Tydeman wrote:

I have read in many places words similar to:
"foreign real estate held by an individual is not reportable on Form 8938"

However, based upon what I read (in just one place), I believe that should read:
"fully paid for foreign real estate held by an individual is not reportable on Form 8938"

That one source said in effect: If you have a bank mortgage, developer financing, or
have just paid a deposit on a buliding to be built, it has to be reported.

Is this one source correct? Does it matter if the real estate is not fully paid for?
---
Fred J. Tydeman Tydeman Consulting
tyd...@tybor.com Testing, numerics, programming
+1 (702) 608-6093 Vice-chair of PL22.11 (ANSI "C")
Sample C99+FPCE tests: http://www.tybor.com
Savers sleep well, investors eat well, spenders work forever.

--

Form 8938 is for reporting foreign *financial* assets. Real estate is not reportable. If you own real estate subject to a mortgage, it still isn't reportable. A mortgage which you have to repay is not a financial asset for you. If you lend money, the
mortgage is a financial asset. Note that some countries require that you own real estate through an entity. Ownership of the entity might be a financial asset, since the real estate isn't owned directly by the individual.

Ira Smilovitz, EA
Leonia, NJ

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>

--- SoupGate-Win32 v1.05
* Origin: fsxNet Usenet Gateway (21:1/5)