Had to fill out FBAR Fin Cen Form 114 in the past,but not Form 8938. Because I inherited my mother's saving accounts, the value is much higher for 2016.
Question: Do I have to declare all the interest, even though some of the accounts belonged to my mother for most of the year?
Also, Form 8938 requires maximum account value during year rather than amount year end, which makes the total account values really high. Let's say, Account A has $200,000 on October 1, Account B has $100,000. $100,000 is transferred from A to B, now Account A has $100,000 balance, Account B $200,000. The total for the accounts should be $300,000, but according to the reporting requirements it is now $400,000. Am I interpreting this right?
