Foreign Financial Assets

Beginning after March 18, 2010, certain taxpayers may have to file the new Form 8938 with their tax returns.  Form 8938 is used to report the ownership of specified foreign financial assets (including any financial accounts maintained by a foreign financial institution) if the total value exceeds a specific threshold.  The threshold amount varies depending…

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First Time Home Buyer

To claim the first-time home-buyer credit for 2011, a taxpayer (or their spouse, if married) must have been “a member of the uniformed services or Foreign Service, or an employee of the intelligence community on qualified official extended duty outside the United States for at least 90 days during the period beginning after Dec 31,…

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