My question is regarding the year i need to put foreign inherited property on form 3520.
My mother who lived abroad passed away late 2023. My siblings and I are on the will to inherit her home equally. At this point nothing has been done to physically put the property in our name, no change of title, property taxes etc. Everything is currently still in her name as we were still getting documents ready to start the process of getting it transferred. We also don't have a fair market value as no appraisal has yet been done either, but it will be higher than the $100000 threshold for reporting.
Does the property need to be shown on the 2023 Form 3520 or when we actually have the property distributed in our name?
Than you in advance.
