Hello,
I am a legal resident in US and my mom passed away in Asia. As a result I inherited cash ($200K) and the fund was deposited into my Asia (non US) bank account. Now I have this bank account which exceeds the 8938 reporting threshold and I think I have to file 8938. But since this inheritance is not federal taxable, do I leave 8938 Part III blank and just report the maximum value, bank account/address, and etc?
If I file this, IRS might think where is the income tax for this $200K and may trigger an audit that is not needed.
Am I too apprehensive?
Also I was looking at form 3520 to file this inheritance, but not sure if this is the correct path.
Thank you!
