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I am a Sweish citizen, living in the USA for many years,

green card holder. My mother died...
I am a Sweish citizen, living in the USA for many years, green card holder.
My mother died last year in Sweden with me as the only heir leaving a small estate; bank accounts, stocks and a house.
To pay ongoing bills I established a bank account in Sweden never exceeding $10K.
Do I have FBAR reporting requirements?
Do I report the estates assets in the USA? Ttechnically I may have access to the proceeds but I have not taken over the estate such as transferring the bank accounts or the house into my name.
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Answered in 4 minutes by:
3/24/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,798
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Please accept my deepest sympathy on the passing of your mother.

If all of the assets remain in the Estate's name/control, you do not have a reporting requirement.

If the amount in the Swedish bank account did not exceed $10,000, there is requirement to file FBAR.

Here's an IRS link regarding the requirements for FBAR and Form 8938:

https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 1 month ago
Thanks,The question then will be the defintion of "Estate's name/control" - I have used assets to pay bills for the estate but not for my own personal expenses(?)Gunnar B.

Did any of the assets formally pass to you or are they still part of the estate and you're handling the bill paying?

For example, have the stocks been put in your name?

Has the house been put in your name?

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Customer reply replied 1 month ago
I am handling the bill paying - assets are still in the estate but since filing with the Swdish Tax authirties, similar to probate, I am the only heir and have access to the bank accounts, the stocks etc. I have not formally turned this assets over in my name - but I believe for example that I would have the right to trade in the estates small stock portfolio.GB

If all assets are still in the estate's name, you would not have a reporting requirement.

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Once you do formally inherit, you will have a reporting requirement on Form 3520.

https://www.irs.gov/forms-pubs/about-form-3520

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Customer reply replied 1 month ago
Thanks again,I would like to get back to you when the house is sold, other assets liquidated and the transfer of the monies to the USA will take place - in the meantime I'll go back to spelling school!

My pleasure.

Feel free to follow up with me in the future.

Have a great weekend!

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,798
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
Barbara and 87 other Tax Specialists are ready to help you
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Thank you for the positive rating of my answer. It is very much appreciated.

I look forward to hearing from you in the future!

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