Hi,
A foreign relative passed away in 2022, and left me money in some bank accounts as well as jewelry, furniture, etc.. As a beneficiary (similar to a POD) on my relative's bank accounts, I could claim the money by closing out many of the accounts, and having the bank deposit the proceeds into my new foreign account. For form 3520 part IV, line 54:
1. Do I need to list each bank account belonging to the deceased separately on 3520 line 54? If so, what do I put in as the "Description of property received?" Do I list the bank name and account number or something else? Money was received from different bank accounts on different dates.
2. For the 3520 due April 15, 2023, I assume that I only need to report the money I received in 2022, and not amounts received in 2023, or amounts in accounts that I have not been able to claim yet. Correct?
3. Does the fair market of furniture and jewelry need to be reported as a gift on the 3520?
The total amount of the inheritance received in 2022 itself does exceed the $100k threshold. So, I do need to submit a 3520 for 2022.
Thank you.
