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ptax255
Level 6
February 16, 2024

US Beneficiary of a foreign trust - anything taxable or reportable?

  • February 16, 2024
  • 1 reply
  • 7 views

Hi, client was named as a beneficiary of a foreign trust. There were no distributions made to him. Does it need to be disclosed anywhere? Thank you!

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1 reply

sjrcpa
sjrcpa
Level 15
February 16, 2024

Did he have the right to distributions? Does he control when distributions occur?

If so, FBAR and/or 8938 may apply but it doesn't like 3520 does.

The more I know the more I don’t know.
    P
    ptax255Author
    Level 6
    February 16, 2024

    He will get distributions eventually when the person passes away. No control over distributions currently. He is not the trustee.

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