I have held my fund for about 20 years. in 2010 IRS changed the rules, to classify certain funds as PFICs. Since I never reported my funds as a PFIC due to prior 8621 requirements or even amounts.
Can I use this to not file the PFIC, even after distributions occur?
FROM 2010-34, 2010-17 IRB 612 (April 6, 2010).
"Shareholders of a PFIC that were not otherwise required to file Form 8621 annually prior to March 18, 2010, will not be required to file an annual report as a result of the addition of § 1298(f) for taxable years beginning before March 18, 2010."
just read it for the 10th time, it only applies to annual reporting. I am still under the reporting threshold, though.
PFIC reporting or not
Moderator: Mark T Serbinski CA CPA