@MJ154 , the gift of an asset and the recognition thereof requires -- (a) recognition by filing form 3520 for the year ( contemporaneously) that the event took place. So when was this gifted / titled in your name? In which country ? (b) generally the basis of the property transfers from the donor to the donee i.e. if the donor acquired for US$XXXX and put in improvements of US$YYYY then his/her basis would be US$ZZZZ ( sum of US$XXXX and US$YYYY). The receiving person's basis at the time of donation would be also US$ZZZZ..
Thus the gain on disposition ( for the donee/recipient) would be based US$ZZZZ not on FMV at the time of transfer from donor to donee.. Note that in some countries the Capital gain is based on an indexed value of the asset -- not so in the US.
If the proceeds rested in a foreign bank account that you own and/or have signature authority over, then both FBAR ( form 114 at FinCen.gov ) and FATCA ( form 8938 ) would come into effect.
To make this answer more focused, please consider answering my questions.
