Thank you for the detailed explanation.
I filed form 3520 because I inherited the foreign real estate property from my passed away mom. The property is NOT in a Treaty country
Your are correct on FBAR and Form 8938 because my foreign account has some money, also inherited from my passed away mon. I filed FBAR and form 8938 for 2023 tax return.
When my mom passed in 12/2020 I didn't know she gave me the property until after COVID when I visited the foreign country in 2023. The FMV was determined in 2023 when I went to the foreign country and inherited the real estate property (i.e. transferred the real estate property to my name).
There will be no capital gain since the appraisal value on the property is higher than the sales price.
Based on the above, do I still use Form 8949 to report the sale of the inherited real estate property?
Thank You,
Tak
