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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16579
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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MyVirtual CPA would you be kind enough to confirm to me that

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MyVirtual CPA would you be kind enough to confirm to me that the inherited properties and mututal funds, all organized in this pseudo commercial society does not constitute a foreing trust, so I don't need to fill out parts I, II or III of the 3520 form?
Do I need to convert the value of the property to the date of her passing (in 2010) or to the date of when the property was awarded to the heirs? (2012)?
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

This would not be a foreign trust, it would be a bequest or inheritance. Also you would convert the value of the property on the date which the property was given to you.

Please let me know if you need anything additional. Thanks again for using and have a great day.

** Please take a moment to rate my response as "Excellent" so that I may be compensated for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO RATE MY ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site. This answer is not to be construed as financial or legal advice. Please contact a local tax professional, and do not rely on this assessment to avoid penalties or to make financial decisions. This is for informational purposes only**

You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

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Hi David

Thanks again for requesting me and the positive rating also the bonus. :-)
Please come back to me anytime you have a question. Really enjoy working with you today.

Thanks again
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer
Customer: replied 4 years ago.

My Virtual CPA, I'm trying to figure out now what to do with form 8938, and I'm confused with the instructions to calculate whether I'm under or above the threshold for me and my wife filing a joint tax return, which I believe is $100,000 at the end of the year or $150,000 at any time during the year. As previously discussed, my wife received an inheritance in Chile, which I already declared in form 3520, consisting of cash (approx. $28,000), 25% ownership of properties (25% of $340,000), pine plantations (25% of 240,000) and she also received a gift of $37,000 from her dad. What of all this would need to be declared in form 8938?

Additionally I saw references to pension plans...I have some money on my "state pension plan" and also on a sort of 401K (all in Chile), but have not received any distributions from them. Do I need to account and declare those as well? Does the money in my bank accounts need to be accounted for? I guess I'm a bit confused by the use of the term financial assets, which I don't normally relate to some of the previusly mentioned items.


Hello, David

Due to a site glitch, I have just now realized that you posted a follow up question. I hope you were able to get this resolved as I looked up your account and see you posted additional questions yesterday.

In regards to your follow up, I am sorry to say that I would not have the expertise to fully answer the follow up.

I still hope you come see me any time you have a tax question.