U.S. Income taxes & foreign owned assets

[dirtsurfer]

For those of you who do not own their Mexico property with a U.S. corporation are you reporting to the IRS your foreign real estate assets? How about the money you have in Mexican Banks? My CPA has been drilling me on these questions which answers are supposed to be reported to the IRS.

 

[MIRAMAR]

Hi Dirtsurfer- here is the article which says if you own a Fideicomiso, you don't need to file a 3520, but I guess I would do what my accountant said. I am not a signer on a Mexico account with over $10,000. That is a trigger point for another (god awful) complicated form for the treasury TD F 90-22.1.

http://www.andersentax.com/pressroom/irs-rules-mexican-fideicomiso-is-not-a-trust-no-form-3520-a-form-3520-repor/

http://www.irs.gov/uac/Reporting-Foreign-Bank-and-Financial-Accounts-1

 

[Dawg]

We started to disclose in 2012 because rental proceeds were picking up and the red ink stopped flowing. My understanding is the fideicomisco does not trigger a special report to the IRS but Mexican bank accounts do. Not an expert response, just an answer to dirtsurfer's question.