Hi my father passed earlier this year and his estate is split between 3 siblings and me. The estate includes cash and 2 properties. We recently received probate after paying UK inheritance tax. The executors can now distribute the estate as per the will. I have just received my share of the cash ~$80,000.
The 2 properties are still under my fathers name but can now be sold, one is up for sale the other will be sold later. So how and when do I file and forms for this , like the 3520 form.
Do I file one 3520 now showing the cash I just received and then file separate forms 3520 for each property once its sold and I get my share of the proceeds.
Or do I just file one 3520 now and indicate the estate value and my share including the property and the cash.
And then next year add the properties to my FBAR if we still have them. (I file a FBAR annually as I have a UK bank account with more than $10,000 in it)
