18 December 2015

A way around FBAR/8938 reporting using LockSmart?

I am often asked by US residents whether precious metals are reportable under IRS and FinCEN foreign asset/account reporting obligations:
  • Form 8938, Statement of Specified Foreign Financial Assets
  • FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)
According to the IRS comparison of these requirements, “precious metals held directly” is not reportable.  So what does “held directly” mean? The IRS’ own Q&A confirms that safe deposit boxes are not reportable but otherwise provides no explanation of the term.

Read more here.

1 comment:

  1. Not too surprising that the IRS is a little vague about all this! Thanks for sharing this overview.