Quick question on foreign inheritance - unfortunately, my mom passed away this year. She owned real estate prior to her death, no bank accounts or foreign financial assets (as defined by fatca). In my foreign country, once a person dies, we get the death certificate and certificate of beneficiaries; This certificate lists the direct heirs, in my case - me, my sister and my dad became equal owners of her properties and any liabilities ect.. In our case, we become tenancy in common owners - each 33% owner of each property; I am aware that I need to file 3520 if above 100k inheritance for the year. I will obtain FMV appraisal at the time of death and use it to disclose this on the form.
I am ok with this.
Do i have any reporting requirements for FATCA under this situation? I read on turbotax forums and pretty much nowhere it talks about fatca requirements for foreign inheritance. The reason for my question - on FATCA, one of the definitions foreign financial asset - interests in foreign corporation, partnership, trust and ESTATE. In my case, there is no formal estate or process. We just obtain the certificate for beneficiaries and combined with her title, we become tennacy in common owners. I am trying to figure out the difference between nonresident individual (like my mom) and foreign estate, if there is a difference. Would direct inheritance, as in my case (and probably in the case of any one who received foreign inheritance) be considered an interest in foreign estate? Or this is something complete unrelated.
If this is the case, would everyone who received any real estate property from non-resident ect, in the form of inheritance, be required to file both 3520 and FATCA?