DaveF1006
Expert Alumni

Get your taxes done using TurboTax

It depends. 

  1. Were  you an US citizen at the time of the inheritance? 
  2. 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.
  3. 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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