It seems I cannot find a clear answer and it seems some similar questions here are answered partly contradictory. So here we go:
I (single) received a foreign inheritance from a non-us person of ~ 30k. I received the cash in 2024 and I decided to open a foreign account and transfer the inheritance to that account, where it still is today (receiving a small amount of interest). I understand the following:
- I need to file FBAR 114 (>10k)
- I do not need to file Form 8938 (<50k)
- I do not need to file Form 3520 (<100k)
- I add interest received on Schedule B, line 1a
- Schedule B, line 7a I answer yes & yes
I think above is correct, if not please correct.
My primary question however is related to Schedule B Line 8. I do not understand whether I need to answer Yes or No. I think I simply don't quite understand "foreign trust" in that respect and whether inheriting something from a person is considered a distribution from a foreign trust or similar?
Thanks,
R
