@anders650 sorry for your loss.
You have a few questions:
1. The value of the assets is the FMV of the property at date of death. Question were there securities or assets sold or was it just foreign currency in the estate. You need to distinguish.
2. as a US citizen you must report foreign assets inherited or gifted on IRS Form 3520. In your case, the value is under the 100k threshold. (I state this as others may read the comments).
3. If you had an interest in a fgn bank account, you must file FBAR if the value exceeded $10k which it did.
you also must file form 8938. on the 8938 you report value over the threshold, you also report dividends and interest
4. Did you transfer the assets to a US account or did you keep them overseas?
5. so yes you need to report the interest income.
6. I believe the assets were already sold, I'm not sure. If they were then you report the gain/loss from date of death to sale of the assets you had interest in.
7.If it is just fgn currency, that falls under IRC Section 988 https://www.law.cornell.edu/uscode/text/26/988
it would be a personal gain/loss not to be recognized if it is just fgn ccy gains/losses normally unless the gain exceeds $200. I gave you the link for all the details.
Good luck.
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
