Bogleheads.org

Posted: **Tue Jan 24, 2023 11:33 am**

I received inheritance from family member. Inheritance came this year (2023).
What are the steps needed to file FATCA as well as other relevant forms? I will appreciate direction.

I don't have any foreign account/assets at present except this inheritance.
Thank you

Posted: **Tue Jan 24, 2023 12:39 pm**

It's great that you came here for information because the penalty for filing the required form late is 25% of the inheritance, with little hope of appeal.

Here is the required form: https://www.irs.gov/pub/irs-pdf/f3520.pdf

Here is an article on the harsh consequences of late filing of the form: https://www.forbes.com/sites/taxnotes/2 ... 4e61676fa6

And here is a recent thread on the topic: viewtopic.php?t=392849

Posted: **Wed Jan 25, 2023 10:16 am**

Ranunculus wrote: ↑Tue Jan 24, 2023 12:39 pm It's great that you came here for information because the penalty for filing the required form late is 25% of the inheritance, with little hope of appeal.

Here is the required form: https://www.irs.gov/pub/irs-pdf/f3520.pdf

Here is an article on the harsh consequences of late filing of the form: https://www.forbes.com/sites/taxnotes/2 ... 4e61676fa6

And here is a recent thread on the topic: viewtopic.php?t=392849

Thanks for the pointer. Focus of that topic seems gift instead of inheritance. I am trying to get understanding on FATCA/FBAR etc with regards to inheritance.

Posted: **Wed Jan 25, 2023 10:28 am**

“Bequest” is the key here. It appears (unless the inheritance was distributed by a trust) that Part 4 is the appropriate section.

But for an inheritance of this size, I would seek help, either a tax attorney or an enrolled agent.

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