@Shogun159 , a few things to note here :
(a) if the FMV of the gifted asset is => than US$100,000 and the donor is not a US person ( citizen/ GreenCard/ Resident for Tax purposes) but you are a US person, then you will need to file a form 3520 --- TurboTax does not support this form. Please download the form its instructions from www.irs.gov and fill/date/sign and mail in.
(b) Note your basis in the asset is NOT the FMV on the date of transfer of title, but the basis of the donor ( i.e. donor's Acquistion cost plus cost of improvements etc. ). So when you dispose of the asset, your gain would be based on this basis.
(c) All sales expenses including commissions, transfer tax etc. are deductible from the sales prices to compute the sales proceeds.
(d) If the proceeds rest in a foreign bank account either owned by you or over which you have only signature authority will come under FBAR and /or FATCA regs.
(e) the sale of the asset, would be recognized just like sale of an asset in the USA --- Tell TurboTax that you sold a house ( probably second home in your case ) and it will walk you through the required forms to fill out.
Is the more I can do for you ?
