Foreign Real Estate Gift. How should I report this to the IRS? Form 3520 or 8938

[haris_n]

I received a foreign real estate (residential property) gift from a non-US person in 2023 valued over $100,000. I'm unsure how to report this in my tax return. I've researched Form 3520 but it does not explicitly mention real estate or property, it mostly mentions amount over $100,000, and I'm unclear whether amount refers to cash only gifts?

Does Form 3520 apply to all sorts of gifts including non-cash gifts such as real estate, jewelry, etc.?

If Form 3520 is the right form then what is the proper way to complete this? Is there an easy to follow tutorial since I've heard incorrectly submitting this form can result in fines from the IRS.

Thanks and appreciate your feedback. 

[DaveF1006]

Yes. You would report this in Part 1V on the 3520. in the column, you will record the date the gift was given to you, a description of the real estate, and the Fair market Value at the time of the gift. Here is what that section looks like.