I have a foreign bank account and a share in a foreign property I received by inheritance. It was a distribution from an individual (my late mother) and not from a trust. I understand I have to file an FBAR form here: https://bsaefiling.fincen.treas.gov/main.html
But when I go there, I see BSA e-filing and BOI e-filing. Which one do I use? Do I also need form 8938?
Thank you.
You would use the BSA e-filing option as the BOI filing is for beneficial ownership of a company. You would need the Form 8938 if you are required to file a Form 1040, personal federal income tax return, and you owned foreign assets that were worth more than $50,000 on the last day of the year and more than $75,000 at any time during the year, assuming you are a US citizen. There are other thresholds if you are not a US Citizen. You should double those amounts if you are filing as married-joint. You can learn more here: Form 8938 instructions
Also, if you are the owner of all or a portion of a foreign trust with a value over $100,000, you may need to file Form 3520, as per the following from the instructions to that form: Form 3520 instructions
There is a penalty of up to $10,000 for not filing Form 3520 in a timely manner.
[Edited 3/7/24 at 5:09 PM PST] @vrflash
You would use the BSA e-filing option as the BOI filing is for beneficial ownership of a company. You would need the Form 8938 if you are required to file a Form 1040, personal federal income tax return, and you owned foreign assets that were worth more than $50,000 on the last day of the year and more than $75,000 at any time during the year, assuming you are a US citizen. There are other thresholds if you are not a US Citizen. You should double those amounts if you are filing as married-joint. You can learn more here: Form 8938 instructions
Also, if you are the owner of all or a portion of a foreign trust with a value over $100,000, you may need to file Form 3520, as per the following from the instructions to that form: Form 3520 instructions
There is a penalty of up to $10,000 for not filing Form 3520 in a timely manner.
[Edited 3/7/24 at 5:09 PM PST] @vrflash