@Rsvp2024 , while it may not be that important, I would :
(a) file form 3520 for the year 2023 -- because it is effectively a beneficial ownership , you collected rent, behaved as if it is yours and lastly your siblings ( other inheritors behaved as if it is yours ). Note that TurboTax does not support form 3520 --- please download from www.irs.gov, fill, sign, date and mail-in to address shown on the instructions.
(b) Note that the your basis in the property ( by inheritance ) is the FMV of the asset on the date of passing of the decedent.
(c) You will need to recognize the income nature of the property by filing schedule-E and depreciation based on the Asset value ( non-land portion) -- depreciable value.
(d) if you own or have signature authority over any foreign accounts you do come under FBAR ( form 114 at FinCen.gov, only on-line filing ) and FATCA regs.
Is there more I can do for you ?
