You have to file this form if you have specified assets above the threshold value (explained below).
A specified foreign financial asset is:
Any financial account maintained by a foreign financial institution, (with a few exceptions)
Other foreign financial assets held for investment that are not in an account maintained by a US or foreign financial institution, namely:
Stock or securities issued by someone other than a U.S. person
Any interest in a foreign entity, and
Any financial instrument or contract that has as an issuer or counterparty that is other than a U.S. person.
You must file this form if the aggregate value of your specified foreign financial assets is more than the reporting thresholds that applies to you:
Unmarried taxpayers living in the US: The total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year
Married taxpayers filing a joint income tax return and living in the US: The total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year
Married taxpayers filing separate income tax returns and living in the US: The total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.
Taxpayers living abroad.
You are a taxpayer living abroad if:
You are a U.S. citizen whose tax home is in a foreign country and you are either a bona fide resident of a foreign country or countries for an uninterrupted period that includes the entire tax year, or
You are a US citizen or resident, who during a period of 12 consecutive months ending in the tax year is physically present in a foreign country or countries at least 330 days.
If you are a taxpayer living abroad you must file if:
You are filing a return other than a joint return and the total value of your specified foreign assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year; or
You are filing a joint return and the value of your specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.
