Do I need to file form 114, if I filed 3520?

[orange10394]

I got foreign gift  $200,000 on Nov 2nd, my foreign account balance was only $2 before the gift, I immediately transfer all the money to my US account on the next couple of days so the balance on my foreign account become $2 again. Based on IRS instruction, I do not need to report on form 8938, but I am not sure if I still need to file 114. Below is the quote of IRS website instruction:If you are required to file a Form 8938 and you have a specified foreign financial asset reported on Form 3520, Form 3520-A, Form 5471, Form 8621, Form 8865, or Form 8891, you do not need to report the asset on Form 8938.  However, you must identify on Part IV of your Form 8938 which and how many of these form(s) report the specified foreign financial assets.  Even if a specified foreign financial asset is reported on a form listed above, you must still include the value of the asset in determining whether the aggregate value of your specified foreign financial assets is more than the reporting threshold that applies to you.

[bine22 · Accepted solution]

yes, you still need to file the FBAR form fincen 114