Generally, you report the receipt of the property when the transfer is made. However, this isn't always as straightforward as it may seem when it comes to distributions from estates.
Local law dictates when you have technical ownership rights to the property. In some cases, this is the date of death of the decedent. In other cases, it is not until you have the title to the property.
If you're in doubt, file the form for 2023 with your best guess as to the value of your share of the property to be received, and then file again when you have more definite information. It's better to report this twice than to risk penalties for late filing.
For gifts and inheritances, you complete the first part of the form through line 1k and then skip to Part IV on page 6. Be sure to sign and date the form before mailing to:
Internal Revenue Service
P.O. Box 409101
Odgen, UT 84409
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