If I inherited more than 10k USD cash at a foreign bank, besides the 3520, on the foreign accounts and trust, question 7a, I should also mark Yes, then fill up the FinCEN form114?
Yes, that correct.
Do I need to fill up form 8938? Statement of Specified Foreign Financial Assets. No, if you live in the US, there is a filing threshold for form 8939. For unmarried taxpayers, you only need to file this form if your specified financial assets are greater than $50,000 at the end of the tax year or more than $75,000 at any point throughout the year. The amounts for married taxpayers are higher, so $10,000 would not meet the filing threshold for form 8939.
So a total of 3 forms I need to fill up: 3520, FinCen114 and 8938? No, just two. The 3520 and FinCen114, not the 8939.
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