I inherited approximately $200,000 from my father in a foreign country, which was wired to my bank in US by our family lawyer. However, this amount was not deposited into my foreign bank account. The $200000 did not show in my foreign bank. Do I still need to file Form 8938?
If the monies never rested in a foreign account over which you had signature or ownership authority, then the monies were not yours and therefore not subject to FBAR ( form 114 on line only at FinCen ) or FATCA ( form 8938 along with your return ) regulations.
However, because you are a US person ( citizen / GreenCard/ Resident for Tax Purposes ) and the gift/ inheritance is from a foreign person , you will have to file form 3520. TurboTax does not support this form and so you have download the form www.irs.gov and fill it out, sign, date and mail to the address shown on the form instructions.
This is not a tax event but not filing the form when required to can attract onerous penalties. @mouselovesmose
Is there more I can do for you ?
If the monies never rested in a foreign account over which you had signature or ownership authority, then the monies were not yours and therefore not subject to FBAR ( form 114 on line only at FinCen ) or FATCA ( form 8938 along with your return ) regulations.
However, because you are a US person ( citizen / GreenCard/ Resident for Tax Purposes ) and the gift/ inheritance is from a foreign person , you will have to file form 3520. TurboTax does not support this form and so you have download the form www.irs.gov and fill it out, sign, date and mail to the address shown on the form instructions.
This is not a tax event but not filing the form when required to can attract onerous penalties. @mouselovesmose
Is there more I can do for you ?