Foreign Real Estate Inheritance with multiple owners

Forum|Forum|3 years ago
September 11, 2022
1 reply
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If foreign property has multiple owners with specific percentages and one of them dies, the defunct person's portion is potentially inherited by multiple heirs with varying percentages of that piece. If some of those are US citizens, is the specific percentage for the specific person what is used for calculations when it comes to all the forms and thresholds?

Not A Product Question

Anonymous_

Level 15

Forms and thresholds?

Can you explain what you mean by those terms with respect to federal taxation in this fact pattern?

jtaxuserAuthor

Level 4

Sorry about not being clear as I am not familiar with the topic. I understand there may be different forms required when it comes to foreign property. Are those forms completed based on the filer's percentage ownership when it comes to value, sales or other numbers required to be filled? This really would be the same for thresholds and understand why confusing in my question. In some places I've seen mention of requirements in reporting foreign assets in certain forms if over certain amount which is why my threshold reference.

Thank you.