US TAX RETURN REQUIREMENTS IF YOUR MEXICAN PROPERTY IF OWNED IN A MEXICAN FIDEICOMISO HAVE CHANGED

 

Prior to June of 2013, the IRS refused to rule whether or not Fideiciomisos which are used to own property in Mexico when the property is purchased by a non Mexican were foreign trusts and required forms 3520 and 3520 to be filed.  In that month they announced in almost every situation a Fideicomiso was NOT a foreign trust and was not required to file the US tax foreign trust forms.  It is advisable to file a final form 3520 and 3520 A return for 2013 if you were filing in past years stating such and that the filing requirement has been terminated.  Failure to file a final form, may result letters from the IRS asking for the return or even erroneously trying to assess penalties.


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Don D. Nelson,  US  INTERNATIONAL & EXPATRIATE TAX Attorney
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