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Jan. 6 — Some dual-resident taxpayers don't have to report specified foreign financial assets on Form 8938 for 2015, the IRS said.
These taxpayers won't have to do the reporting as long as they determine their income tax liability—for all or part of the taxable year—as if they were nonresident aliens, according to the Internal Revenue Service.
Form 8938 is used to report such items as foreign stock or securities held in an overseas financial account, foreign stock or securities not held in a financial account, and foreign mutual funds, hedge funds and private equity funds.
In other parts of the new instructions for the nonresident aliens' tax return, the IRS offered details for taxpayers who want to claim tax treaty benefits under a competent authority determination. Such taxpayers must attach a copy of the competent authority determination letter to their returns, the agency said.
This requirement can be found under Schedule OI (Other Information)—part of Form 1040NR-EZ, the IRS said.
To contact the reporter on this story: Alison Bennett in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Brett Ferguson at email@example.com
Instructions for Form 1040NR-EZ are at https://www.irs.gov/pub/irs-pdf/i1040nre.pdf.
Form 1040NR-EZ is at https://www.irs.gov/pub/irs-pdf/f1040nre.pdf.
Instructions for Form 8938 are at https://www.irs.gov/pub/irs-pdf/i8938.pdf.
Form 8938 is at https://www.irs.gov/pub/irs-pdf/f8938.pdf.
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