pk
Level 15
Level 15

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@epierpa , assuming that you are US person ( citizen., GreenCard, Resident for Tax Purposes ), what I get from you post is that you

 

(a) received ownership  of Capital asset ( an apartment )  and Cash  as inheritance in 2022.

(b) the apartment / condo was registered  in your name in 2022 ( I assume that this was post  demise of the decedent ) -- your basis in the property is FMV of the asset on the  date of passing of  the decedent.   This requires no reporting  ( for US tax purposes )  --- however  if you have income from this asset  , you will have to recognize those earnings  ( Schedule-E  for rental income ) and at disposal ( Schedule-D and/or form 4787 )

(b) you also received cash as part of inheritance ----   if you meet the threshold ( => than US$ 100,000 ) , then  you must recognize this on form 3520 in the year when you had  "constructive receipt " --- a check dated, wire transfer etc. etc..

 

(c) if the transfer of the cash occurred in 2022, then you report in 2022 and no further, if in 2023 ( transferred from the estate of the deceased ), then you report this ( when you have met the threshold )   only in 2023.

(d) if the amounts ( cash from the estate of the deceased )  went through a foreign bank account ( that you own  or have signature authority  over )  you may need to file   FBAR  ( form 114 at FinCen.gov ) and/or  FATCA  ( form 8938 along with your return for the tax year ).   Note than none of these are tax events  but reporting is essential  ( because  non-reporting when clearly required to may result in onerous  penalties.

 

Does this answer you questions on the subject ?   Is there more  one of us can do for you ?

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