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Need to fill out Form 3520?
Question: Should client fill out Form 3520?
Facts: Client became Green Card holder in august 2021. This will be her first US tax return. In France, her parents gifted her in 2000 the title to their home. She owns it out right but the parents retained the right to live in the house until they pass away. Along with filling out FBAR and Form 8938 for 2021 foreign accounts, should I mention the house as a foreign asset and add it to Form 3520? Everything I've read on the subject seems to focus on a gift made to US person by non-residents during the previous tax year.
Thanks for the feedback.
Franck
