What is a Foreign Trust?

Question

My father-in-law put all of his children's names on the home he built in Greece before he died in 1979. Some family members still reside in the house. Are there any annual U.S. reporting requirements for my husband's portion of the ownership of the property? Is the property considered to be a Foreign Trust?
Thanks for any information.

Answer 1

It's considered a foreign trust if it's actually owned by a trust. He may have a property tax deduction if he paid any ad-valorem property taxes on it. If the family members residing in it paid rent to the others he may have rental income to claim.