Dec 7, 2011, 1:17 PM
Post #8 of 9
What about the top of page 4 of the instructions, David, where a foreign financial asset is defined to include the following, if held for investment: "an interest in a foreign trust or estate" ? Fideicomisos are foreign trusts, and of course a home is an investment.
To the earlier poster: tens of thousands of Americans own homes along the Mexican coasts (where fideicomisos are used to hold property), and could be subject to this reporting requirement.
You should not rely on common definitions for terms in tax law. The terms "trust" and "investment" have very specific definitions for tax purposes.