Grantor Trust Agreement Withers Foreign
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FAQ
A Foreign Grantor Trust is a trust in which either: (a) the Grantor reserves the right to revoke the trust alone or with the consent of a related party, or (b) the Grantor (and spouse, if any) is the sole trust beneficiary during the Grantor's lifetime.
Form 3520 for U.S. recipients of foreign gifts You're only required to file this form if you received: A gift of more than $100,000 from a foreign person or estate. A gift of more than $15,601 from a foreign partnership or corporation.
Income from a foreign grantor trust is generally taxed to the trust's individual grantor, rather than to the trust itself or to the trust's beneficiaries. For a U.S. owner, this means that the trust's worldwide income would be subject to U.S. tax as if the owner himself earned such income.
Where to file. File Form 3520-A and Form 7004 with Internal Revenue Service Center, P.O. Box 409101, Ogden, UT 84409. File Form SS-4 with the Internal Revenue Service Center, Attn: EIN Operation, Cincinnati, OH 45999 or by fax at 855-641-6935. Exceptions from Form 3520-A filing requirements.
If a trust is a Foreign Trust on the last day of the tax year, it must file Form 1040NR with Dual-Status Return written across the top and attach Form 1041 as a schedule showing the income for the part of the year during which it was a Domestic Trust.