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barmarr

Jun 12, 2011, 11:18 AM

Post #1 of 5 (2794 views)

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IRS forms 3520 and 3520A

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QUESTION:

Could some U.S. Citizens who own vacation homes (not full-time living, also not a rental) in the restricted zones of Mexico, please share how they have handled the IRS forms 3520 and 3520A.

Thanks,
Barmarr

chicois8

Jun 12, 2011, 1:58 PM

Post #2 of 5 (2767 views)

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Re: [barmarr] IRS forms 3520 and 3520A

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Yes, fill out forms, send them in, no problems.....

barmarr

Jun 12, 2011, 8:36 PM

Post #3 of 5 (2736 views)

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Re: [chicois8] IRS forms 3520 and 3520A

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Did you complete the forms yourself, or did you pay a professional?

My CPA is totally unfamiliar with these forms, and when I contacted a CPA on-line he said we need a special Mexican ID number and he charges $750 for the first year and $300 for each following year. How did you get the special Mexican ID numbe?

chicois8

Jun 12, 2011, 9:49 PM

Post #4 of 5 (2728 views)

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Re: [barmarr] IRS forms 3520 and 3520A

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My CPA took care of everything.......

salto_jorge

Jun 14, 2011, 6:20 PM

Post #5 of 5 (2642 views)

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Re: [barmarr] IRS forms 3520 and 3520A

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Why would one have a foreign trust besides the location of the property?

Are there any advantages if you have a foreign trust ?

(This post was edited by salto_jorge on Jun 14, 2011, 9:39 PM)