The following tax forms need to be submitted by US holders of Foreign Trusts. There is some disagreement as to whether or not holding a real estate trust for ownership actually is what these documents represent, but like most things with the IRS sometimes it’s better to err on the side of caution.
For those just taking ownership you need only file the 3520 the first year when the trust is established. Then for subsequent years the 3520a needs to be filed by March 15. Yes, not April 15 with your taxes, but “by the 15 of the third month of the year.”
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