@Shogun159 ,
(a) your basis in the property ( for purposes of computing gain/loss at disposition ) is the same as that of the donor -- your mother. Thus if bought it for US$80K and made improvements of US$10K, then her basis in the property was US$90K at the time of donation --- not the FMV you quoted. However , FMV is also used in special circumstances -- related party, gain/loss computation. Note that if the donor had acquired the property as inherited, then FMV at the time of passing of the decedent would be used as the basis.
(b) For sale of asset you treat this as a sale in the US -- forms 8949 / Schedule-D etc.. All items are in US dollars using exchange rates publicly available and on the day of the transaction.
(c) Since you have / will have a Foreign bank account , you come under FBAR ( www.FinCen.gov, form 114 ) and FATCA ( form 8938 along with your return for the year ) with the required thresholds.
(d) if the foreign country where the property is located taxes you on the gain un der its tax laws, that Foreign Tax may be eligible for Foreign Tax Credit / deduction treatment. Please which country -- because of tax treaty considerations.
Does this help ?
Is there more I can do for you ?
