Hello everyone,
-I have questions regarding a gift (a house) from my mom (non-US resident) and form 3520.
-My mom gifted me a real estate valued over $100,000 in a foreign country in 2022
-My mom is a non-US resident 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:
1/ First, this is not a trust but for an individual (which is me), so from what I understand, I just need to file 3520 as a final return, and don't have to file 3520-A next year, correct?
2/On 3520, line 54-column (b) Description of property received, what would I put here? My house's address? Actual description of property (4 story tall, 75m^2 area)? How would I describe that will please the IRS?
-column (c) FMV of property received: since my country property doesn't get appraised until sold (even if I tried to find an appraisal service, which is nonexistent), how would I determined the value of the property? Do I put the estimated value that I will be selling in the future?
3/ Since I was given in 2023, filed 3520 in 2024, and will not sell the house till 2025, do I still have to file another 3520 in 2025 for 2024 (technically I still owed a foreign estate in 2024 and part II of 3520 kinda specify that)?
4/ Could a tax preparer or CPA firm file this form electronically? I'm afraid if filed through mail, IRS might lose the form in the process and I won't be able to prove that I filed the form.
