Hi! i'm new here, not sure if this is the right forum to post this question. Here is my situation.
I have a property outside of United States which was given to me by my parents when i was a teenager (25 years ago). My father rented it out and maintained it for years. I was fine with that.
As he became older my sibling took over and started to take the rental income a few years ago. I never received any rental income from this property and they never asked me if I need it/want it. I felt/feel uncomfortable having conversation around this topic. My question is
1) Is it better to let this continue numbers wise?
I would like to receive the rental income -- it is equivalent to $110/month or $1320 per year now (likely to increase in the future). I have liabilities that I'd like to pay off. I am aware that I'll need to pay taxes on it if I receive it .
2) If I were to start taking the rental income, is it better to have it deposited in a bank account overseas? or bank account in US?
Anyone in this situation or have any thoughts?
Thanks.
