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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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.
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