In the event of one receiving an inheritance in the form of Stocks, Real Estate etc. from relatives residing in foreign country, IRS requires the U.S. person to report these holdings. For example : If you received an inheritance in the form Stocks and Real Estate from your relatives in foreign country and you have not sold either of them and therefore are still in your name in the foreign country then in this scenario IRS requires you to file the following forms
1. Form 3520 – Annual return to report receipt of certain foreign gifts (Part IV)
2. Form TD F 90-22.1 - Report of Foreign Bank and Financial Accounts (FBAR)
3. Report dividends received from the securities held in my account on Form 1040 Schedule B Box 3.
Form #1 and #2 are not filed as part of your IRS Tax Return. Please refer to the links to find out when/where they need to be sent.
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