I followed exactly what the Intuit tax expert advised when I inherited money internationally in 2023. Here's some additional advice although I'm not a tax consultant. Just an average guy (engineer by training) trying to keep the IRS happy and get my taxes done. You only have to file the 3520 once, for the one-time inheritance. Afterwards, if you keep the money internationally, any dividends or interest needs to be declared as income on your annual 1040 tax return.
Next, all foreign holdings need to be declared annually when you submit your income taxes on Form 8938 (Statement of Specified Foreign Assets). If you have >$150,000 USD in foreign assets, you also have to annually complete a FBAR (Foreign Bank & Financial Account Report, FinCEN Form 114) directly to the U.S. Treasury. All accounts must be reported to the U.S. Treasury, not just the ones >$150,000. For example, I had to report 4 different accounts, but only one of those was >$150,000. The U.S. Treasury website for filing the FinCEN Form 114 online (it's really easy) is: https://bsaefiling.fincen.gov
The easy way would have been to bring all asset from foreign entities into the USA, but the $USD has been rather strong so I'm waiting for an opportune time when FOREX rates are more favorable. I must be doing everything correctly because I've received no audits or requests for additional information from the IRS or the U.S. Treasury. I hope this helps out the Intuit Tax community.
