Page 3 of 3
Re: declaring foreign assets on Japanese tax return
Posted: Mon Feb 28, 2022 6:54 am
by TokyoWart
I know this is an old thread, but I was questioning whether I was handling my MMF correctly on the FA5102. On FA5102 what 国外財産の区分 (Classification of foreign property) do you specify for the MMF? 非上場株式 Unlisted stocks? My MMF is a US Vanguard Fund so I have been using Unlisted stock. I also have been using the same value for both basis and present value.
My tax preparer has classified my Vanguard MMF account as 預貯金 on that form. Technically I think an MMF is a form of mutual fund because it's possible for the fund to fall below the unit dollar share price but my accountants have chosen to give it the same classification as my US bank checking accounts.
Re: declaring foreign assets on Japanese tax return
Posted: Mon Feb 28, 2022 8:29 am
by captainspoke
dcon wrote: ↑Mon Feb 28, 2022 6:41 am...
I know this is an old thread, but I was questioning whether I was handling my MMF correctly on the FA5102. On FA5102 what 国外財産の区分 (Classification of foreign property) do you specify for the MMF? 非上場株式 Unlisted stocks? My MMF is a US Vanguard Fund so I have been using Unlisted stock. I also have been using the same value for both basis and present value.
FYI: they always have both a fillable and non-fillable PDF version of FA5102 on the NTA site, but no fillable version of FA5003. The Reiwa version is here:
https://www.nta.go.jp/taxes/tetsuzuki/s ... 809_03.pdf
First, thanks for the second (FYI) part there--I'll give that a try!
For your question, in the first column, I tag everything as
有価証券, except the last row--現金 in there in the first column, and MMF in the second. In the third column, I put 投資 for everything (stocks, ETFs, CEFs, REITs, and MMF).
The previous post is by TokyoWart, who as he says has an accountant do it, so if I were betting on this, I'd put my money there.
Still, I would hope that conscientious reporting (rather than details) would be the over-riding factor.
Re: declaring foreign assets on Japanese tax return
Posted: Tue Mar 01, 2022 12:23 am
by dcon
TokyoWart wrote: ↑Mon Feb 28, 2022 6:54 am
I know this is an old thread, but I was questioning whether I was handling my MMF correctly on the FA5102. On FA5102 what 国外財産の区分 (Classification of foreign property) do you specify for the MMF? 非上場株式 Unlisted stocks? My MMF is a US Vanguard Fund so I have been using Unlisted stock. I also have been using the same value for both basis and present value.
My tax preparer has classified my Vanguard MMF account as 預貯金 on that form. Technically I think an MMF is a form of mutual fund because it's possible for the fund to fall below the unit dollar share price but my accountants have chosen to give it the same classification as my US bank checking accounts.
Thanks for your reply. How does your accountant classify other mutual funds? In thinking about it a little more, unlisted stocks does not make sense although I have seen another thread that talks about reporting mutual fund gains under unlisted stocks. Securities is general and would technically include mutual funds.
Re: declaring foreign assets on Japanese tax return
Posted: Tue Mar 01, 2022 12:29 am
by dcon
captainspoke wrote: ↑Mon Feb 28, 2022 8:29 am
dcon wrote: ↑Mon Feb 28, 2022 6:41 am...
I know this is an old thread, but I was questioning whether I was handling my MMF correctly on the FA5102. On FA5102 what 国外財産の区分 (Classification of foreign property) do you specify for the MMF? 非上場株式 Unlisted stocks? My MMF is a US Vanguard Fund so I have been using Unlisted stock. I also have been using the same value for both basis and present value.
FYI: they always have both a fillable and non-fillable PDF version of FA5102 on the NTA site, but no fillable version of FA5003. The Reiwa version is here:
https://www.nta.go.jp/taxes/tetsuzuki/s ... 809_03.pdf
First, thanks for the second (FYI) part there--I'll give that a try!
For your question, in the first column, I tag everything as
有価証券, except the last row--現金 in there in the first column, and MMF in the second. In the third column, I put 投資 for everything (stocks, ETFs, CEFs, REITs, and MMF).
The previous post is by TokyoWart, who as he says has an accountant do it, so if I were betting on this, I'd put my money there.
Still, I would hope that conscientious reporting (rather than details) would be the over-riding factor.
Thanks for your reply. You triggered me to realize unlisted stocks does not make sense and securities is likely the most logical of the categories that are spelled out on the FA5003.
投資 sounds logical for "Use", but the only two types they show in their example are 一般用 (general use) and 事業用 (business use).
By the way, one really nice thing about that fillable form is that it automatically creates a duplicate copy.
Re: declaring foreign assets on Japanese tax return
Posted: Tue Mar 01, 2022 12:36 am
by TokyoWart
Thanks for your reply. How does your accountant classify other mutual funds? In thinking about it a little more, unlisted stocks does not make sense although I have seen another thread that talks about reporting mutual fund gains under unlisted stocks. Securities is general and would technically include mutual funds.
Depending on the part of the tax return they are classified as 上場株式等 (in a section subtitled "【参考】特定口座以外で譲渡した株式等の明細") or as "有価証券（上場株式）" (on the "国外財産調書")