In 2023, I sold a condo given to me by my father few years ago. I am US citizen. He was not. I understand that I have to pay capital gains on this sale. I assume I calculate the gains by subtracting the value of the condo when it was given to me from the sale price (minus real estate agent fees). Do I also have to submit form 3520 (foreign gifts and list the sale price)? Since the income from the sale was deposited first into a foreign bank before being transferred to my us account, I understand I also have to file FinCEN Form 114. What about forms 8949 and 8938? Do I also need to complete these forms?
