Hi,
I am a US citizen/US resident. I need to file 8938 as I meet the reporting threshold. However, it isn't clear which foreign accounts are reportable for 8938.
A relative (non-US person) passed away in 2022. She had quite a few foreign bank accounts, whose balances I inherited via a process similar to a POD beneficiary abroad. I also had a POA for those accounts. Some of her accounts were closed in 2022 itself with a death claim, and a new foreign account was opened in my name to receive the proceeds. Few other bank accounts still remain open, as a death claim has not yet been made, and another foreign trip would be needed to make that claim.
1. For the 8938, do I include the accounts that belong to my deceased relative, for which I am the death beneficiary/POA holder, but have not yet submitted a death claim?
2. For the 8938, I do need to report the relative's accounts that were closed via the death claim procedure in 2022 itself?
I understand that I do need to report my new foreign bank account on the 8938, as the amount in there is over the reporting threshold. And that I will need to file a 3520 for the gift, as well as a FBAR/114 form (due to my account balance and the POA while she was still alive.)
Thank you.
