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Is this really correct? Wouldn't it raise questions as to where the new money in the foreign bank account came from?
If we assume that the foreign life insurance was owned by a foreign person / entity, shouldn't the foreign life insurance death benefit be reported on 3520 as a Bequest from a foreign person?
What if the foreign life insurance was owned by a US Person?
What if part of the foreign life insurance proceeds are Bonus payment (in addition to the Death benefit)?
‎February 26, 2024
11:48 AM