What Form 8865 Expat 2024

Hey Anthony, so we're continuing the FATCA series. Today, we're talking about FATCA filing for expats versus domestic. Can you believe there's an IRS form that determines whether you have to file based on whether you live in the US or outside of the US? It can be kind of confusing. Yeah, there's a requirement for everything with the IRS. So, let's quickly talk about FATCA. It's the Federal Account Tax Compliance Act, which is a US law that requires all US taxpayers to report their non-US financial accounts yearly. This law applies to those living outside of the US, so that's why we'll discuss the different filing requirements. There are different thresholds, and the first form we'll discuss is Form 8938. However, I must admit that I haven't memorized these thresholds yet. The IRS made it a little murky. Let's start with the first threshold. By the way, this law applies to both US residents and those living outside. Number one, if you're single or file separately from your spouse and have more than $50,000 of specified foreign financial assets at the end of the tax year, or if you had more than $75,000 at any time during the tax year and you live in the US, it can be pretty annoying. In one of the upcoming videos in this series, we'll discuss what counts as a specified foreign financial asset, because the answer varies. For some things, like a bank account, it's easy to figure out, but for others, such as real estate, it depends. If you live in the US and file jointly with your spouse, you must have more than $100,000 of specified foreign financial assets at the end of the tax year, or more than $150,000 at any time during the tax year. Now let's...