How to report Form 3520 and inheritance

hp100 · ‎March 16, 2021

I inherited an asset from foreign country and want to file Form 3520.

In Form 3520, A. which one should I check ? Initial, Final, Amended ?

It was not from Trust, some says Do not check any. I am not sure which one is correct...

It is not from Trust, I need to fill up Part IV only, right?

MaryK4 · ‎March 16, 2021

You will leave it blank- you are correct that it only applies to trusts. You only need Part IV U.S. Recipients of Gifts or Bequests Received During the Current Tax Year From Foreign Persons.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

MaryK4 · ‎March 16, 2021

You will leave it blank- you are correct that it only applies to trusts. You only need Part IV U.S. Recipients of Gifts or Bequests Received During the Current Tax Year From Foreign Persons.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

How to report Form 3520 and inheritance