itonewbie
Level 15
12-06-2019
04:35 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Direct holding of foreign real property is not SFFA for FATCA purposes and it's not reportable for FBAR purposes either because it's neither a foreign bank nor financial account.
If it's a rental property, the income must still be reported on their US tax returns.
If they inherited the property from an NRA or foreign estate, a F.3520 must also be filed to report the bequest.
---------------------------------------------------------------------------------
Still an AllStar
Still an AllStar