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Zaher Fallahi, CPA, Tax Attorney; 2010 Foreign Trust Statistics

posted May 8, 2013, 11:43 PM by Zaher Fallahi

The 2010 foreign trust statistics reported on Forms 3520 and 3520-A show an increasing interest in foreign investment by U.S. taxpayers, and the impact of changes made in 1996 to information reporting requirements. The number of Form 3520 returns reporting foreign trust transactions and certain foreign gifts rose by 104.1 percent, from 7,956 in 2006 to 16,242 in 2010, while the number of Form 3520-A foreign “grantor” trust returns rose 84.6 percent, from 3,819 to 7,051. U.S. “persons” transferred nearly $1.5 billion in assets to foreign trusts in 2010. In addition, some 7,051 foreign grantor trusts reported total assets of $35.3 billion, distributions of $4.0 billion, and net income of $1.1 billion during this same period. Finally, in transactions generally separate from foreign trust activity, U.S. persons received gifts or bequests of $7.3 billion from nonresident aliens, foreign estates, foreign corporations, and foreign partnerships during 2010.

For assistance with any tax matters, including the IRS representation and disclosing your unreported foreign bank accounts, you may contact Zaher Fallahi, Tax Attorney, CPA, at (310) 719-1040 (Los Angeles) or (714) 546-4272 (Orange County), or e-mail to