☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Jan 27, 2021 2:17:03 PM

Foreign Asset (Bank Account of Inherited Cash) Which forms this year?

I received an inheritance in 2019 from Australia.

 

I filed a FinCEN (114), Form 3520, FBAR and 8938 with my return last year as it was an amount over the limits.

 

The money is still held in the Bank in Australia for all of 2020.

 

Do I need to file all the same forms this year?

OR, just FBAR and 8938?

 

 

0 1 94
1 Replies
Expert Alumni
Jan 27, 2021 2:45:05 PM

Yes. According to fincen.gov, " a United States person who has a financial interest in or signature authority over foreign financial accounts must file an FBAR value of the foreign financial accounts exceeds $10,000 at any time during the calendar year." This also includes filing FinCen 114 as well.