Hello as a resident alien, in 2023, when my father died, I got transferred the ownership of part of some real estate properties which , together with my sister and my father, I was already owning after our mother died 16 years ago. There was no will, the remaining parts where transferred half to me and half to my sister(non resident) by the law.
Together with them we received also cash amount that was put in my bank only more than a year later in 2024.
I was assuming after some research online that I had to report on form 3520 the money if it was beyond 100k, which it is and I was continuing my reasearch on everything I had to do in 2025.
I did not understand, it is still not clear when I read the instruction on form 3520, that perhaps I had to include the value of the real estate in form 3520, thus then in 2023, which I didn't.
We have sold part of the real estate in 2024, so I was researching the different forms... 1040 schedule D, form 8949. Then the FBAR for the year 2024, 8938(?)
when I got it in the stomach really when I discovered somehow about putting the real estate value in form 3520, which unfortunately I haven't.
My question is, am I supposed to consider that value of parts 1/3,1/3,1/3,1/6 of properties in form 3520? they did not come from a Will, and I was already owning part of them for many years. I Read on google that you do not have to report capital asset, that s why I was feeling pretty safe.
Regarding the transfer of these parts in 2023 , it was around half of july when my procurator paid the inheritance taxes in my country to start the hereditary succession.
As we went to sale 2 of these properties (half mine, half of my sister) in april 2024, we had to sign a paper that transcribed the acceptance of the inheritance so that we could sell, basically without signing we could not sell the properties. Does this document matters for what regards the timing?
When I report the sale of these two half properties on form 8949, which acquiring date shall I put? when I got the first parts at my mother's death in 2009 or the date of july 2023 when we started the hereditary succession? or the date I signed that paper to transcribe the acceptance of the inherited parts from my father? which is the same date in which we sold the two half properties I am talking about?
my biggest concern is about wether or not I was supposed to report these parts from my dad in 2023. I am feeling really really bad for what can happen from there
thank you
