Hello experts have a few questions and looking for guidance.
Y2023
Mother died leaving her rental property without a registered will
My siblings agreed to settle the property to me and started the registration process
I started collecting rent in my account.
Y2024
Property officially registered in my name..it was a long process overseas.
Question
1. Is 3520 due the year (2023) when she died or when the property was officially registered to me (2024)
2. In 3520 do I report the FMV on her death date or the date when the sibling settlement was registered? Is this the cost basis for depreciation calculation?
3. I am reporting the rental income in 2023 as I was receiving it in my account even though the official property transfer occurred only in 2024. Is that fine?
