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Get your taxes done using TurboTax
It depends.
- Were you an US citizen at the time of the inheritance?
- For inherited property, the basis is the property's fair market value on the decedent's death date. Is this what your foreign tax accountant calculated? The $8000 may not have been a valid assessment at the time of your father's death. You would need to research historical house prices in that era or go with your accountants information.
- Requirements for form 3520 came into existence in 2007. With this said, I would strongly suggest to consult with a tax attorney to find out if there were additional filing requirements after the fact. An hour's worth of consultation fees will save you a lifetime of misery.
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‎January 14, 2022
2:29 PM
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