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Level 2
posted Apr 11, 2024 9:06:33 AM

Foreign Inherited property shared with US and non-US siblings Form 3520 needed?

My mother died in 2023 leaving no will.  My siblings and I became automatic recipients of her rental property.

All of the 4 siblings gifted their share of the property to me.  2 of them are US citizens and 2 are non-US. 

The FMV of the property is $164K.   Individually we have ~$32K share.  As I am receiving $64K worth share from 2 US citizens and  $64K share from 2 non-US citizens do I need to report this on Form 3520?  

 

 

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1 Replies
Expert Alumni
Apr 15, 2024 3:03:10 PM

You, you do not need to report a 3520 because the gifts from any one person did not exceed $100,000 per gift. However, since the two US citizens gifted their share of the property to you, each need to file a 709 Gift Tax return because the amount of the gift was over the $17,000 exclusion amount for the year.