topic Foreign inherited property sale in Deductions & credits

Foreign inherited property sale

2157es — Tue, 10 Feb 2026 10:19:05 GMT

My situation:

I am a US citizen/resident living in the USA. I inherited a foreign property 2016 ( a nonresident alien)which I reported estimated FMV on 2017 form 3520, I sold the property 2023, and was a LOSS, then the net proceeds was deposited in my foreign bank for few months until be able to wire directly on Dec to my us bank account.

My question:

1. Do I need to fill Form 8938 for FBAR since it only in foreign bank for few months and transferred to my US bank on Dec?

2. Do I need to fill the Form 8949 since it a LOSS, or other form?

3. Do I need to file form 3520 again (its more than $100,000)since I already reported the inheritance property on 2017, but now got the cash?

Thank you in advance for your help.

Re: Foreign inherited property sale

Anonymous_ — Thu, 04 Jan 2024 01:10:31 GMT

@pk?

Re: Foreign inherited property sale

SusanY1 — Thu, 04 Jan 2024 01:22:53 GMT

Yes, you need to file the FBAR if the value of the deposit was in excess of $10,000. This requirement holds true if this amount is exceeded for a single day in the year, and applies in the aggregate. You should also report every foreign account you had during the year.

File form 8949 to report the sale of the property. If you had a loss, it may save you money!

US citizens living in the US are also required to file Form 8398 if the account held more than $75,000 USD equivalent at any time during the year (this amount is $150,000 if you file a joint return with your spouse.)

Re: Foreign inherited property sale

2157es — Thu, 04 Jan 2024 14:32:07 GMT

Thank you so much for detailed reply, so for my understanding:

Question 1 since we have more then 150K during the year, I need to file both FBAR and Form 8398. Right? Thanks!

Re: Foreign inherited property sale

DaveF1006 — Tue, 09 Jan 2024 16:32:12 GMT

Yes, you will need to file the FBAR and 8938.

@2157es