hi.
I have some old foreign investments that have been classified as PFIC. These have unrealized losses (and still do) at the time of PFIC classification. I was planning to use the MTM method to report on 8621.
For 2024, while there is an unrealized gain based on the value on Dec 31 from the value Jan 1, both these values are still substantially below original purchase price. From what I've read, "unreversed inclusions" can never be negative so will my original cost basis be preserved, therefore resulting in no ordinary income from the unrealized gain?
Also, do the dividends distributed just get added as ordinary dividends (like a 1099-DIV) or do these get reported differently? Thanks!
