I am a US citizen who received a $250K gift from my mother who is NOT a US Citizen. This gift money was wired to my foreign bank account and from there I wired it to my US bank account. This is the first time that my foreign bank account has exceeded $10K and hence I will be filing the FinCen. Also, in order to report the gift money I will file 3520 as well.
My question is, do I need to file 8938 as well? TurboTax is telling me that if I am filing 3520 then I do NOT need to report the same accounts or assets on 8938. While this may sound self explanatory, I would feel much better if I got a confirmation from one of the resident experts out here. Thanks in advance.
