Good day,
If a US person living in the US , own a portion of his parents’ home overseas where there is a legal usufruct in place.
In addition, this legal arrangement was done years before the person relocate to the us.
As the living parent still using the home and been responsible for it under the Usufruct agreement, and they pay tax and all mortgage expenses, etc..
Does the us person need in any form of shape declare the property in his yearly US tax? Or fill out form like the 8938 or 3520 ?
Or just do it at the passing of the parents once the portion of the property become his?
Thank you
