I am confused with the filing of the form 3520. I have received a property in exchange for taking care for my parent living abroad. In 2018 the value of the property was less than $100K. So at that time I did not report it to the IRS form 3520, as the value was less than required. I have kept the said property until my parent passed away (parent was living there until death). I have used this property for vacation purposes for more than 5 years, the time which is required by the foreign law to keep it or pay sale tax. This year I will be selling the property for slightly more than 100K. Do I report this as a gift in the next tax year?
My logic tells me that I have received a property of lesser value at the time of transfer. So I believe I do not have to report it to the IRS but wanted to make sure. Please help!
