3520 questions on timing

Robocop2020 — Mon, 02 Nov 2020 08:00:56 GMT

Quick question, foreign person died October 2020 , leaving real estate (outside of USA) to 2 people. They obtain in year 2021, proof their are the heirs of the estate and respective share each person gets as a % (not actual $). This is follows by fair value appraisal within the first 6 months of 2021 to determine f/v at time of death (oct 2020). Based on the % and fair value, now we know whom gets what.

at what time 3520 needs to be filed - for tax year 2020 (time of death) in 2021 or

for tax year 2021 (time of determined % and fair value amounts) in 2022?

Please let me know your thoughts on this matter. Thank you

Re: 3520 questions on timing

Anonymous_ — Mon, 02 Nov 2020 14:51:31 GMT

With all due respect, you have asked a number of questions with respect to a foreign inheritance and have been advised to seek professional guidance.

The instructions for filing Form 3520 (regarding who must file and when to file) are at the link below.

See https://www.irs.gov/instructions/i3520#idm139632651217968

Note that TurboTax does not support Form 3520; you should seek a consultation, in person, with a tax professional and/or a trusts/estates attorney for this matter.

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3520 questions on timing

Re: 3520 questions on timing