It seems really hard to find things like this in the IRS website: a simple search doesn't seem to get it. They've got some fairly complex advanced search options, but I think it requires some familiarity with IRS that I don't have to really be efficient with it. I'll make the decision when the time comes, but I suppose one of the things I might consider doing next year is to file a final 3520, attaching a copy of the ruling and a statement from me as to why this is the final report. For those of us who filed these in the past, this could "close the loop". Dealing with IRS I always try to anticipate the possible issues my filings might raise and often make marginal notes on forms, explaining anything I think they might have a question about. I don't know if it makes an iota of difference, but I've never had them question anything I've filed, over 45 years.
One notable example was a year in which I didn't have the complete figures for my business income and expenses because many of my records had been lost to theft. I just imagined what the totals could have been, and noted in the margins that these were my best estimates. No questions were raised. Given that the IRS has records of most of the things we file over the years, it's fairly easy for them to see if a taxpayer is a filer, and a payer of taxes: a consistent record helps resolve doubts, in favor of the taxpayer, in many cases I believe.
I went through the extreme hassle of registering my house with the IRS....and then did nothing. I don't think my accountant has been filing additional papers each year. But it may all be moot anyway. Earlier this year, the Mexican Congress passed a resolution to change the 1917 Constitution and eliminate the fideicomiso altogether. The Senate did not vote on this in May, but they are expected to in September and it is expected to pass. Seems both PAN and PRI are behind it. Only Lopez Obrador's group are fighting it.
Rick wont be moot for those fideicomiso now as we would have to all go through another closing and have the trust sell our units to us personally, and pay all those silly fees again making the cost of doing such not worth it.
yes I guess you can figure in your calculation how long you plan on living there vs what it would cost to do this. Then simply divide the annual cost of trust fees vs closing costs.
I can't imagine undoing the trust, in my case. I'll probably sell to a third party long before the costs would have justified selling to myself!
