Figure out if you need to report your assets, and report them to the IRS
U.S. citizens, U.S. individual residents, and a very limited number of U.S. nonresident individuals who own certain foreign financial accounts or other offshore assets must report those assets to the IRS if they exceed certain thresholds.
The threshold is different depending on if you live inside or outside the U.S., and if you are filing as single, married filing jointly, or married filing separately.
The specific amounts are listed in the Instructions for IRS Form 8938.
Penalties apply if you fail to file an accurate IRS Form 8938.
You do not have to file IRS Form 8938 if you don’t have to file an income tax return for the tax year, regardless of the value of your specified foreign financial assets.
How to report your foreign assets to the IRS
Foreign assets are reported on IRS Form 8938, Statement of Specified Foreign Financial Assets.
Fill out the form and attach it to your tax return.