Art2ro Posted January 13, 2012 Author Posted January 13, 2012 (edited) Way way lower! Example: purchase agreement or deed of sale was P2.5 million, the market value from the attached "Statement of Account" shows P50,000 for the land and P350,000 for the building after paying the property tax including house and lot amounting to around only P8,900 for the whole year (discounted when paid in full prior to Feb 15)! The numbers just don't make sense, but I'm not really complaining! The problem would be what to put on the form 8938? I think we won't need to fill the form out if our assets fall short of what their numbers are and just mark N/A! I don't really know, because I haven't yet used my Turbo Tax to find out the ins and outs of the tax laws and this form 8938! Edited January 13, 2012 by Art2ro 1 Link to comment Share on other sites More sharing options...
Mr Lee Posted January 13, 2012 Posted January 13, 2012 Way way lower! Example: purchase agreement or deed of sale was P2.5 million, the market value from the attached "Statement of Account" shows P50,000 for the land and P350,000 for the building after paying the property tax including house and lot amounting to around only P8,900 for the whole year (discounted when paid in full prior to Feb 15)! The numbers just don't make sense, but I'm not really complaining! The problem would be what to put on the form 8938? I think we won't need to fill the form out if our assets fall short of what their numbers are and just mark N/A! I don't really know, because I haven't yet used my Turbo Tax to find out the ins and outs of the tax laws and this form 8938! IMHO there would be no need to fill out the form if the rules stand as they seem to be written, that the assets must be over $100,000 in value. Unless things change I am not going to send in that form unless it turns out that our condos are worth more than $100,000 in assessed value, and I doubt that would be the case. Art in your case it will depend on if you have other assets such as Philippine or other countries other than the US stocks, bonds, treasury notes etc and the total exceeds $100,000, so unless the new version lowers the amount, IMO no need to file since I believe they are trying to catch the big fishes and not us guppies. :hystery: Well at least I am a guppy. :nudie: I cannot speak for others. 1 Link to comment Share on other sites More sharing options...
United Army Posted January 15, 2012 Posted January 15, 2012 I called my sister who is a CPA and her husband is also a CPA. They both work at two different law firms and I asked them about this new regulation and the Form 8938. They both are aware of this new IRS regulation and they both said that a house is not a financial asset. 2 Link to comment Share on other sites More sharing options...
Mr Lee Posted January 15, 2012 Posted January 15, 2012 I called my sister who is a CPA and her husband is also a CPA. They both work at two different law firms and I asked them about this new regulation and the Form 8938. They both are aware of this new IRS regulation and they both said that a house is not a financial asset. Thank you for that information, :541: that is a load off my mind, not that I really have a mind to load up in the first place. :541: 1 Link to comment Share on other sites More sharing options...
Mike S Posted January 15, 2012 Posted January 15, 2012 Hummmmmmm ...... so I wonder just what do they consider a financial asset. ....... rental units ...... houses or properties Link to comment Share on other sites More sharing options...
Mike S Posted January 15, 2012 Posted January 15, 2012 Hummmmmm .... so I wonder just what do they consider a financial asset ....... rental units ..... properties other than personal dwellings ...... cash Link to comment Share on other sites More sharing options...
Mr Lee Posted January 15, 2012 Posted January 15, 2012 I always thought a home was an asset by IRS standards, below is what they say are assets in THIS publication, there is more on that page than what I pasted below. Capital Assets Almost everything you own and use for personal purposes, pleasure, or investment is a capital asset. For exceptions, see Noncapital Assets,later. The following items are examples of capital assets. Stocks and bonds. A home owned and occupied by you and your family. Timber grown on your home property or investment property, even if you make casual sales of the timber. Household furnishings. A car used for pleasure or commuting. Coin or stamp collections. Gems and jewelry. Gold, silver, and other metals. Link to comment Share on other sites More sharing options...
Dave Hounddriver Posted January 15, 2012 Posted January 15, 2012 I think you will find there is a difference between a Capital Asset, which is part of your net worth, and a financial asset, which is part of your investment portfolio. The differences, to me are whether they appreciate or depreciate and whether they are convertible to cash in reasonable period of time. Link to comment Share on other sites More sharing options...
Mike S Posted January 15, 2012 Posted January 15, 2012 Could there be a difference between Capitol assets and financial assets ....... who knows ..... I sure don't ..... but as I don't got nothing I guess I don't need to worry ..... Link to comment Share on other sites More sharing options...
Art2ro Posted January 15, 2012 Author Posted January 15, 2012 So, this means tax form 1040A all the way like my previous years and no State tax since we're exempted due to being overseas the entire tax year, but sadly I've been paying back Federal, because I didn't have enough withholding tax the entire year! Oh well, I.O.U. Uncle Sam without any interest before the April 15 deadline! :541: 1 Link to comment Share on other sites More sharing options...
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