@friendassistance having read through your post and generally agreeing with response from my colleague @jtax , I would like to add:
(a) form 3520 ( unless you were the owner or received assets/ income from a foreign trust etc. ) section IV is generally limited to currency equivalent of US$100,000 or more. There is generally no tax on it but you have to report this for the tax year when you received the cash equivalent .
(b) If you had a bank account that you owned or had signatory power over ( nominee ) the that may come under FBAR ( form 114 at FinCen.gov ) and /or FATCA regs.
(c) On the realestate that you received as beneficiary ---- your basis in the property ( for US purposes ) is FMV on the date pf passing of the decedent. There is no reporting requirement of real-estate / immovable property till disposal. On disposal , you have to recognize the gain ( capital or otherwise ) and pay the taxes .
(d) If you are taxed by the foreign taxing authority then & in concert with any Tax Treaty conditions (between US and that country), that foreign tax may be eligible for US tax credit
(e) The date of your actual ownership of the asset is not a tax event and does not play into gain computation.
Is there more one of us can do for you ?
