AbrahamT,
Thank you very much for your quick and detailed response. Just to clarify, my inherited property is not related to any trust. In this case, if I read your response correctly, the sales of the inherited foreign property is not a bequest or gift on form 3520, even if the net proceeds is more than $100,000. And, I don't need to file form 3520 for the cash gift (which is less than $100,000) either, even if I received both monies (proceeds and cash gift) in the same year 2023. In other words, the only thing that I need to do is filing form 8949/schedule D/1116 for the sales of foreign property in year 2024 and no need to file form 3520 at all, correct? Thank you again in advance.
