Received means that you have access to the funds from the inheritance. This would be when the funds are in a bank account where you are the owner of the account.
Answering Yes has no bearing on these fund being taxable on a US tax return. Any type of gift or cash inheritance where you are the beneficiary is not taxable on a US tax return.
This is very helpful, thank you! I think I am beginning to understand.
This means I can transfer the entire inheritance to my US account without any tax consequences, in which case I will submit Form 3520, or I could transfer it to a new foreign account (also with no US tax consequences), in which case I would submit FBAR.
Correct? or am I missing anything?
