MarilynG1
Expert Alumni

Deductions & credits

There's nothing to report about inheriting your mother's home in 2018.

 

Report the sale of your inherited home in 2022. The Cost Basis for determining any Gain/Loss on the sale would be the FMV of the home when your mother passed away. 

 

If you weren't renting the home after she passed, click this link for more info on how to report the Sale of Inherited Home

 

If you had more than $10,000 as a Maximum Balance in a foreign bank account,  you do not need to file a Form 8938 "Statement of Specified Foreign Financial Assets", which TurboTax handles. 

 

However, you would need to file a FinCENForm 114, which is not handled by TurboTax.  Click here to file FinCENForm 114.

 

File your Form 1040 normally and file the FinCENForm 114 from the above-attached link.   Also, see this for reference: Comparison of Form 8938 and FBAR Requirements.

 

 

 

 

 

 

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