JohnB5677
Expert Alumni

Get your taxes done using TurboTax

Once you filed the 3520 that would be the end of that portion of the process.  You inherited the money, so there would be no income tax on it.  The final issue is, What did you do with the money after you inherited it?.

 

If you deposited it in the US that is the end of the story, and you need nothing further for your taxes.  However, if you left it in a foreign country you may have to file additional paperwork.

 

Every year, under the law known as the Bank Secrecy Act, you must report certain foreign financial accounts, such as bank accounts, brokerage accounts, and mutual funds, to the Treasury Department and keep certain records of those accounts. You report the accounts by filing a Report of Foreign Bank and Financial Accounts (FBAR) on FinCEN Form 114.

 

IRS Report of Foreign Bank and Financial Accounts (FBAR)

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