Do you need to report proceeds from foreign life insurance on form 3520 upon the passing of a foreign relative if it's over $100,000? I'm a US citizen.
The foreign relative who passed is the owner of the foreign life insurance, I am just a beneficiary.
If I am reporting it on form 3520, which year should I report, the year the death occurred(2023) or the year the proceeds were actually paid out to me in my US bank account(2024)? It took a while for the foreign insurance company to do the payout since it was an international wire.
My questions, in short are:
1. Do I need to file form 3520?
2. If yes, for which year(2023 or 2024) should I file?
