Tax Insights

Your Guide to State, Local, Federal, Estate + International Taxation

BE-10 survey for holders of foreign assets

The Bureau of Economic Analysis (BEA) collects data of U.S. owned foreign investments by issuing confidential yet mandatory surveys and collecting data. This data provides Congress and U.S. businesses useful information for making informed decisions. The BE-10 survey is conducted once every five years and is coming due on May 29, 2020.  The BE-10 is based on your fiscal year ending in 2019.

Don’t miss: Joint Chiefs of global tax enforcement

The BE-10 is required of U.S. persons who own at least a 10% ownership in a foreign affiliate or real estate. If you directly or indirectly own at least 10% in a foreign business through vote or value, this applies to you. If you own foreign real estate for profit motive, this also applies to you. This is applicable even if you only own a small flat in a foreign country you occasionally rent out.  Unlike prior years, there is no minimum asset or income threshold so everyone who meets the ownership test is required to file.

There are a few limited exceptions to filing. For example, if the foreign real estate you own is for personal use only and not rented out, you may not need to file. If it is a primary residence that is temporarily rented out while you are a U.S. resident and you intend to re-occupy the home, it may be considered personal use, and you may not have a filing requirement.

Please seek a qualified professional for assistance or questions with the BE-10.  Penalties for not filing can range from $2,500 – $25,000.  This information is general and should not be relied on.

Please contact your Henry+Horne adviser with any questions regarding this survey and any other issues you may have.

Jill A. Helm, CPA

Get in on the conversation.

Unfortunately, we cannot give free advice to non-clients by email, comment response, or phone call. Thank you! Read our disclaimer.