US Tax regarding UK savings accounts
Jan 24th 2015, 2:23 am
#31
Forum Regular
Thread Starter
Joined: Oct 2014
Posts: 34
Re: US Tax regarding UK savings accounts
IMO - being executor could trigger the FBAR filing requirement.
Being a beneficiary could trigger an 8938 requirement while estate is in probate. And after cash is distributed, an 8938 and/or FBAR filing requirement.
A person may be both an executor and beneficiary.
No need to file a 3520, normally, unless receiving $100k or more. Or the estate post distribution creates a kind of ongoing trust with you as a beneficiary (this is unusual, except for minors).
Being a beneficiary could trigger an 8938 requirement while estate is in probate. And after cash is distributed, an 8938 and/or FBAR filing requirement.
A person may be both an executor and beneficiary.
No need to file a 3520, normally, unless receiving $100k or more. Or the estate post distribution creates a kind of ongoing trust with you as a beneficiary (this is unusual, except for minors).
Jan 24th 2015, 2:30 am
#33
Forum Regular
Thread Starter
Joined: Oct 2014
Posts: 34
Re: US Tax regarding UK savings accounts
As I don't believe I am the executor or have signature authority (I have no recollection of that happening), then my filing will stay the same - no FBAR, 8930 or 3520.
Jan 24th 2015, 2:32 am
#34
BE Forum Addict
Joined: Aug 2004
Posts: 4,754
Re: US Tax regarding UK savings accounts
My Mum died in 2014 and the solicitor administered the estate and put it into probate. I'll file FBAR and 8938 for 2014 as I figure I now have an interest in the estate that was created by my Mum's death. The estate will be distributed in 2015 so I'll file FBAR, 8938 and 3520 for 2015.
Jan 24th 2015, 2:45 am
#35
Forum Regular
Thread Starter
Joined: Oct 2014
Posts: 34
Re: US Tax regarding UK savings accounts
What? A will is a document that tells executors how to distribute an estate after death. Being named on it as a beneficiary or even executor gives you no current interest or signature authority over any foreign accounts. That only happens after the testator dies. My Mum was the only person with any authority over her money, house etc until she died.
My Mum died in 2014 and the solicitor administered the estate and put it into probate. I'll file FBAR and 8938 for 2014 as I figure I now have an interest in the estate that was created by my Mum's death. The estate will be distributed in 2015 so I'll file FBAR, 8938 and 3520 for 2015.
My Mum died in 2014 and the solicitor administered the estate and put it into probate. I'll file FBAR and 8938 for 2014 as I figure I now have an interest in the estate that was created by my Mum's death. The estate will be distributed in 2015 so I'll file FBAR, 8938 and 3520 for 2015.
What you say about the Will makes sense. Now just to clarify, I don't need to file anything this year based on our conversation?
And thanks for helping me on a tough subject
Last edited by DTLVbrit; Jan 24th 2015 at 2:56 am.
Jan 24th 2015, 3:13 am
#36
Retired
Joined: Apr 2004
Posts: 34,649
Re: US Tax regarding UK savings accounts
Sorry, I meant that prior to tax year 2014, you had no requirement to file FBAR or 8938, as it sounds like you didn't. I think I was getting flustered over all this and understanding JAJ had mentioned.
What you say about the Will makes sense. Now just to clarify, I don't need to file anything this year based on our conversation?
What you say about the Will makes sense. Now just to clarify, I don't need to file anything this year based on our conversation?
Once again.
Being the beneficiary of a will, before the testator is deceased, does not trigger any U.S. filing requirement.
Being the executor and/or beneficiary of a will, while undergoing probate, may trigger an FBAR and/or 8938 (not 8930 ... ) filing requirement. Depends on circumstances.
Receipt of the foreign inheritance, may, depending on circumstances, trigger an FBAR and/or 8938 and/or 3520 filing requirement.
Jan 24th 2015, 3:24 am
#37
Forum Regular
Thread Starter
Joined: Oct 2014
Posts: 34
Re: US Tax regarding UK savings accounts
Perhaps there is some over-thinking going on here.
Once again.
Being the beneficiary of a will, before the testator is deceased, does not trigger any U.S. filing requirement.
Being the executor and/or beneficiary of a will, while undergoing probate, may trigger an FBAR and/or 8938 (not 8930 ... ) filing requirement. Depends on circumstances.
Receipt of the foreign inheritance, may, depending on circumstances, trigger an FBAR and/or 8938 and/or 3520 filing requirement.
Once again.
Being the beneficiary of a will, before the testator is deceased, does not trigger any U.S. filing requirement.
Being the executor and/or beneficiary of a will, while undergoing probate, may trigger an FBAR and/or 8938 (not 8930 ... ) filing requirement. Depends on circumstances.
Receipt of the foreign inheritance, may, depending on circumstances, trigger an FBAR and/or 8938 and/or 3520 filing requirement.
Jan 24th 2015, 3:29 am
#38
BE Forum Addict
Joined: Aug 2004
Posts: 4,754
Re: US Tax regarding UK savings accounts
IMHO being mentioned in a will in any capacity has no US tax consequences until the testator dies and then they are probably only informational.
