My mother in law passed away at the end of 2015. In 2016 we received a cash inheritance (> $100,000) that has been put on a French bank account in 2016. I understand that I have to fill a Form 3520. What is the deadline to declare this foreign account to the IRS and what is the form to use ?
When and Where To File .....
In general, Form 3520 is due on the date your income tax
return is due, including extensions.
From the IRS form 3520 instructions ... https://www.irs.gov/pub/irs-pdf/i3520.pdf
1) FinCEN Form 114, Report of Foreign Bank and Financial Accounts
2) IRS Form 3520, Annual Return To Report Transactions With. Foreign Trusts and Receipt of Certain Foreign Gifts.
You also need to complete:
3) IRS Form 1040, Schedule B, Part III
4) IRS Form 8938, Statement of Specified Foreign Financial Assets with your income tax return.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/i8938.pdf">https://www.irs.gov/pub/irs-pdf/i8938.pdf</a>
<a rel="nofollow" target="_blank" href="https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements">https://www.irs.gov/bu...>
Consult an experienced tax practitioner before you file in April especially since failure to file penalties are substantial.