Thank you so much for the detailed answer!
One last question - my child also received an overseas residential property as gift. There is no income on it currently. From research in this forum, I see that he needs to file form 3520 to report the gift as its value exceeds 100k. But does this also necessitate his own return filing as well? I don't see any mention of gifts under unearned income (and I think gift is definitely not earned - please correct if I am wrong) from the IRS documentation that I followed from either here Who must file or here (which I found following topic 553) Tax for Certain Children Who Have Unearned Income
I am assuming we just file form 3520 with his details. Can you please confirm if a tax return is also required for him?
Thanks so much.
