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Form 3520 line 54 - aggregate vs list multiple (inheritance)

Here is the situation:   My mother (German) passed in December.   I (dual citizenship) and my sister (German) inherit (equal parts)  several accounts (cash & stocks) and the residence ... with a total value exceeding $100,000.

So for the first time, I understand I need to file FBAR (FinCEN 114), Form 3520, and  8938 ... (which appears to precludes me from e-filing in TT ... bummer).

I have used TT (H & B) for years, and while FBAR & 3520 aren't supported, I have figured out FinCEN 114 and am now working on Form 3520.

Question:   On line 54 (a, b , c), can I just list "inheritance (death of mother) - liquid assets (cash, accounts, stocks) & single family property" with the date of the death and the total value ... or do I need to list multiple line items? - If so, how granular do I need to get?

Thanks for your consideration & advice.

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1 Reply
SusanY1
Expert Alumni

Form 3520 line 54 - aggregate vs list multiple (inheritance)

For 3520, Line 54 I would list three items: cash (combining all accounts), securities (again combining all accounts) and then the residential real property. 

There is no reason to go account by account on "like items" such as the cash and cash equivalents or securities but lumping them together by category will make the items easier to identify if later on there are any questions.  

 

While questions about these assets aren't common, when they are asked it can be many months or years down the line when the details sometimes become a bit more difficult to recall.  

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