Form 8938 - is foreign mortgage a " foreign financial asset"?
HI,
I am very unclear on this new form.
I know I have to fill out the FBAR and have foreign bank accounts that amount to about $20k in total.
I also have a foreign property that I rent out full time and have a foreign mortgage on the property to which the payments are made in that country. Everything regarding it happens in that country. Nothing comes from the US.
I am married and filing jointly so I believe I have to have go over $100k in "foreign financial assets" in order to be required to file form 8938 - so it looks like I don't have to file it with the $20k in my bank accounts.
I understand the property itself is a tangible asset and not a foreign financial asset.
Ok. Then what about the mortgage?
Can someone please help me understand what I need to do?
Is the foreign mortgage considered a "foreign financial asset"? Do I need to complete this form?
Thanks