Question

I took a US loan for $360k, transferred it to my Canadian checking via wire transfer, and spent it (and some more) on a Canadian property. Do I need to file form 8938?

Forum|Forum|1 year ago
March 13, 2025
1 reply
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I am filing married jointly, as a US resident. Total peak foreign account amount reached $380k USD for 1 day, with last day of the year value around $34k USD, as we spent the majority on the property.

TurboTax Online

M

MindyB

Yes. Per the filing requirements, you must file Form 8938 and report your foreign account if the total value was more than $150,000 at any time during the tax year. There's not an exclusion for a short period of time.

See: Do I need to file Form 8938, Statement of Specified Foreign Financial Assets

and: How do I file Form 8938, Statement of Specified Foreign Financial Assets?