What are the two methods for reporting foreign property?

The two methods for reporting foreign property on Form T1135 are:

• Part A (Simplified Reporting Method): Complete Part A if the total cost of your foreign assets is less than $250,000 throughout the tax year. This method requires you to check the boxes for the types of foreign property you own and list the top three countries where these assets are held, based on their maximum cost amount.
• Part B (Detailed Reporting Method): If your foreign assets have a total cost of $250,000 or more, you’ll need to complete Part B. This detailed reporting method requires comprehensive information about each foreign asset by type, including details on maximum costs during the year and any capital gains or losses.