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form 3520
I inherited a small house In the foreign country from father more than 30 years ago, where mother continued to lived last year and sold the property. When the house was about $8,000 for taxation (which was very low compare to the real market value) 30+ years ago and paid the capital gain tax in the foreign country. I came back to USA and realized the foreign accountant considered the base price of house as $140,000 using complicated methods, and calculated the capital gain tax.
If use the $140,000 as a base price, it worries me not filed form 3520. If I use the $8,000 as a base price, I have a tax burden. I talked an appraisal, he does not have any data that long time ago...
‎January 14, 2022
11:46 AM