Hello,
I am a citizen of the US and live in California. My father, who was a citizen and resident of a foreign country, passed away in 2022, and a part of my inheritance which was a real estate property finally got sold in 2023 and I received my portion of the inheritance (over $100,000) thru wire transfers by my sibling to my bank account in the US. There are more properties in the inheritance that are not sold yet, but they may be sold in the future and divided among the beneficiaries.
Please let me know if below is the correct way to fill out form 3520:
- Top section A: check "Initial return". Do I need to also check "Final return" even though more transfers may happen in the future years as other real estate properties get sold and divided among beneficiaries?
- Top section B: check "Individual"
- Top section C: Leave the box unchecked
- In section below "Check all applicable boxes" after Section C: check the 4th box which deals with receiving gifts or bequests from a foreign person.
Thanks!
