upcomingcpa19
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I have foreign mutual funds, have been reporting them on FBAR every year from the day of holding. Some of the mutual funds are invested in equity, some are in bonds. The equity funds’ market value has gone down from the cost basis. The bonds based funds value has gone up, by some extent. Should I be reporting these funds on Form 8621? I can’t take QEF. My understanding is that I can’t take MTM because its not the first year of holding and in aggregate, I am at a loss or do I need to report equity and bonds based funds separately? When will I use excess distributions? I haven’t received any distributions and I am looking to sell all the funds in next year.