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Hello and thank you for using Just Answer,The form 3520 would be used to report the inherited money. If the amount is $100,000 or more the Form 3520 is used to report only, it is not taxable.
File Form 3520 separately from your income tax return. The due date for filing Form 3520 is the same as the due date for filing your annual income tax return, including extensions. You file an annual Form 3520 for all reportable foreign gifts and bequests you receive during the taxable year.
Mail Form 3520 to the following address:Internal Revenue Service CenterP.O. Box 409101Ogden, Utah 84409
Will the IRS REQUIRE ANY DOCUMENTS TO VERIFY THE FUNDS ON FORM 3520
Not with the 3520, she would want to retain any documents from the inheritance for future if asked.
We plan to transfer the money from Brazil to our account here at PNC with a friend: We give him Reais in Brazil and he transfers US$ from his account here in the USA to our account at PNC.
Would this cause a problem with the IRS here when we report on Form 3520?
The official method would be to transfer the funds through the Central Bank of Brazil to the Federal Reserve and to our Bank. This process could take several months in Brazil so we would like to use the first method.
We do not have an account in Brazil. The Inheritance is from selling of a series of Apartments. Currently we are concerned about transferring
US$ 50,000 without going through the Official channels, i.e. Brazil's Central Bank. The question: Would the transfer method have any affect on the reporting here in the US?
the property was sold by the Estate and we received the Cash from the estate, no property, no bank accounts.
The question is: Would the method of transferring the funds from Brazil to the USA create a problem with the IRS when we report the Inhertance on form 3520?