It depends. Form 3520 is used to report certain foreign trusts, gifts, or inheritance. The number of forms you need to file depends on the situation, not the number of accounts. Here’s a general breakdown:
- One Form for Multiple Accounts: If the foreign accounts are part of the same reportable event (e.g., inheritance or gift from the same decedent), you might only need to file a single Form 3520. On this form, you would list all the relevant accounts and assets in the applicable section(s).
- Separate Forms for Different Events: If there are multiple unrelated events or gifts (e.g., inheritance from different individuals or separate transactions), you may need to file a separate Form 3520 for each event.
In your case, it sounds like you will be able to report this one 3520 form because it doesn't sound like unrelated events, transactions, or multiple individuals.
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