My question is specifically for MLTs (mexican land trusts or fideicomisos) for individual home ownership via a fideicomiso I assume that there is no reporting requirement other than a) 1040 income if you rent it and b) capital gains when it is sold. So no IRS Form 8938 and no IRS Form 3520 - correct?
As per this link https://www.kahntaxlaw.com/irs-grants-limited-relief-u-s-persons-owning-mexican-property-fideicomiso...
In June 2013, the IRS handed down Rev. Rul. 2013-14 which states that Mexican Land Trusts (MLTs), also known as “fideicomisos”, are not trusts for purposes of IRS tax law. Prior to the ruling, there was confusion over whether these MLTs were trusts subject to onerous tax reporting requirements involving foreign trusts. As a result of the ruling, those who hold MLTs, which include many individuals who own vacation or retirement homes in Mexico, are not required to comply with burdensome tax reporting requirements typically applicable to foreign trusts.
