Oh my gosh, those are several and many, I guess is the way I would put it akin to the FBAR form 114. There’s another form called form 8938. And that’s a statement of other specified foreign financial assets. Its threshold is different than FBAR. The FBAR threshold is if you have accumulation of accounts, savings accounts, et cetera, in excess of $10,000, you’re required to report those on form 114 form 8938 has a different reporting limit. And it’s dependent on whether or not you’re married or single, but the FBAR limit is 75,000 for a single individual and 150 for a married couple. And what form 89 38 does, is it expands the types of assets that are required to be reported to include, for example, foreign pensions, foreign insurance, think of social security in a foreign country, things of that nature that are not included on the FBAR because of the liquidity, the difference in liquidity.

So it can be pension plans, insurance plans, those types of assets that are then reported on form 8938. There’s an additional form, um, form 86 21, which is an informational return by a shareholder, uh, that goes back and reports the investment in a, for example, a foreign mutual company, the foreign mutual companies and the assets themselves are not reported overseas the way they are here in the states. So if you remember forms 1099 that you get at the end of the year, for example, if you have a chase or, or a B of A or Wells Fargo, uh, holdings, then you’ll know that those end of year statements will have a breakout of interest dividends earned. Um, if any, on the assets that are held by that institution and capital gains and losses, and that’s because the United States goes back and taxes, gains and losses and interest and dividends on a yearly basis.

Whereas in Europe, the capital gains and losses are not reported until the asset is actually sold. So the distinction between the US and the rest of the world is when it is the US taxes, the gains realized or unrealized here in the states, for example, in mutual funds, Hmm. There are other types of forms. If you hold interest, for example, in a foreign company and you hold more than 5% interest in that company, then an individual may be required to file form 5471. And that far in 5471 goes back and essentially outlines what the financial statement for the year end for that company would say. And then it takes the proportional interest that that individual owns in that company and whether or not there is an net income or net loss that net income or loss is attributed on a pro rate of percentage basis to that individual shareholder, which means that you can have a deemed dividend earned from a corporation, not having any distribution, not having any payment from it, but still deemed income here in the United States, simply by owning the stock and that entity.