The gift is not reportable on your income tax return since gifts are not taxable to the recipient. You may need to complete form 3520 to report the gift, however. Here is a link to the form 3520 instructions:
Reporting foreign gifts
You do need to report the income from your interest in the store. This would be the sale of an investment. You need to convert the sale proceeds into dollars and report the investment sale on your tax return.
Follow these steps to enter your investment sales in TurboTax:
While in the Federal section of TurboTax:
1. Income and Expenses
2. Investment Income
3. Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
Choose the category of investment you want to enter and follow the instructions to enter your investment sale.
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