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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2 comments on “Tax Professionals – Tax Question Of The Week”
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.
Why would you want to file 3520 before the current year’s form is available? The wire transfer may represent a filing requirement for the receiving bank, but not for the account owner. Just let your bank know it is coming, and why.
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