Hello everyone,
I have questions regarding inheritance and form 3520.
My relative died and I received a real estate and some cash totaling more than $100,000 in a foreign country.
My relative was a foreign person and I'm a US citizen. I understand that I have to report this to the IRS and file a paper form 3520 Part IV.
My questions:
Do I have to report real estate also or only cash gifts? The real estate value is greater than cash I received.
If I have to report real estate properties, do i have to describe details about the property?
My relative died in December 2021, but all inheritance we received in January 2022 (legal procedure overseas). Should I mail the Form 3520 by April 2022 (for 2021 tax year) or April 2023 (for 2022 tax year)?
Thank you,
