Could you please clarify the last sentence of your 1st paragraph--what do you mean by "step 3 of the instructions" ? Is that Part III on the form??
Also I really do not understand what a "foreign trust" is... My sister and I sold an inherited home abroad--in that case the buyer is a foreign trust?
My share is $50k, so I do not need to report the sale itself on 3520 Part IV (I did report it under Investments, as you described), but I do need to report that I received the "distribution (any amount) from the foreign trust" and I don't understand how to do that. Where do I enter that?
Thanks
V
