Do I need to file 8938?

[mouselovesmose]

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?

[pk]

@mouselovesmose , 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.

Is there more I can do for you ? 

[mouselovesmose]

Sorry, this is late reply. Thank you so much for the explanation. I did FBAR already. I will file 8938 just in case, too. I do appreciate your assist.