Your are correct, FBAR and FATCA reporting applies only to your mother is she is the only one with property in her name in a foreign account. Who Has to File FBAR?
Your capital gain for US tax purposes will be 12.5 % of the gain recognized between the fair market value of the home at the time of your father's passing and the sale price less costs of sale. You are allowed stepped up cost basis on inherited property as of the date of your father's death.
To enter the capital gain in TurboTax, follow these steps:
- Once you are in your tax return, click on Federal Taxes
- Next click on Wages & Income
- Next click on I’ll choose what I work on (jump to full list or show more income)
- Scroll down the screen until to come to the section Investment Income
- Choose Stocks, Mutual Funds, Bonds, Other and select start
- The first screen will ask if you sold any investments during the current tax year (say yes)
- Since you did not receive a 1099-B, answer “no” to the 1099-B question
- Choose type of investment you sold - select everything else
- Some basic information:
- Description – Usually the address of the property sold
- Sales Proceeds – Your proportionate share of the net proceeds from the sale (your portion of amount received for the property)
- Date Sold – Date you sold the property
- Tell us how you acquired the property - inheritance
- Enter the date inherited
- Enter the your fair market value - Your proportionate share of the Fair Market Value of the property at the time of inheritance plus any capital improvements since inheriting it
