Hello,
I Inherited a property in Mexico technically in 2019, but it wasn't under my name until 2024 when it was transferred to me and sold at the same time on the same day.
I am a US citizen for tax purposes.
The sale was approximately for 110,000 USD. I paid 25% tax plus fees on that, leaving the total gain at around 77,000 USD. It's complicated too because fees were paid in pesos and with varying currency exchange rates.
I am uncertain if I have to report this as a 1099-B or not. If I do, I am confused on the "Fair market value when previous owner passed away". I can possibly get some estimates for this, but given currency fluctuations and that it was way back in 2019 I am not sure how accurately I can report that. My guess from what I've seen is that the value is likely somewhat unchanged since then, likely leaving me with a paper "net loss".
Additionally, should I file a 3520? My understanding is that is only required if I received an amount over 100,000 USD (which I did not).
