Tax Professionals – Tax Question Of The Week

Tax Question, TaxConnections

Every Friday we post one question from our Ask Tax Question feature and invite our tax professional audience to help our visitor. The Tax Question this week is as follows:

I just inherited the equivalent in foreign currency of ~ US$115K so I need to file Form 3520 and would like to wire transfer most of it from my foreign account into my US bank account. Can I file F 3520 right away? Do I have to wait until 2019 to do it?

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One thought on “Tax Professionals – Tax Question Of The Week

  1. Note that since you are filing a 2018 3520, should IRS release an updated version before its 2019 due date, you’d technically be required to report on the newer version. IRS annually updates income tax returns. It periodically updates other forms such as W-7, W-7COA, 2848, SS-4 etc.

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