A recent private letter ruling provides guidance on foreign trust reporting requirements
In the last few years, there’s been much confusion and debate in the international tax world regarding the U.S. taxation and reporting of Mexican fideicomisos that own U.S. persons’ coastal Mexico real estate. The debate centers on the fact that fideicomiso means “trust” in Spanish. To play it safe, many professionals have advised their clients to fulfill the onerous foreign trust reporting requirements of the Internal Revenue Code for their fideicomisos. ...
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