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Deductions & credits
Hi, thank you so much for your prompt response. If I may, I would like to ask my questions in a more detailed way. Thanks again,
Hello, I live in NC and I have a dual citizenship Peruvian/USA. In 2018 I and my brother (green card holder) inherited my mother’s house in Peru upon her passing. My mother was a dual citizen of the US and Peru. The house was sold in March, 2022. Do I need to report my inharitance property and if yes how? I have read a way to report it is using form 3520 but it says it is for when the donor was a non us citizen and my mom was.
Do I need to report the amount of the sale even though the sale price was under the FMV from 2018 and it was a never a rental property and is yes how? And last, I am planing on depositing the check from the sale in a bank Account in Peru for only about a week because I am planing on wire transferring the money to my account in the US and it is more than $100,000. What do I need to do about all this 3 situations in order to comply with the IRS including reporting in my taxes and/or forms. Thank you so much!