I'm in a similar situation.
I file the Form 8938 annualy. This year, I need to file the Form 3520 as I inherited a real estate.
In the Form 3520, should I put the check mark for the following?
C Check if any excepted specified foreign financial assets are reported on this form
As my inheritance is real estate, I think I don't need to add the check mark.
In the Form 8938, Part IV Excepted Specified Foreign Financial Assets section, should I put the number "1" for the following?
15 Number of Forms 3520
We do not (and cannot) use the Form 8938 for real estate. So the inheritance that I report in the Form 3520 is excluded naturally. So, I think that I don't need to put the number "1" in the Form 8938 for my case which involves only real estate.
Does anyone know what the right thing to do is? What is the definition of "Financial Assets" in these contexts?
