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Zen_b
Returning Member

Form 3520

Hi

 

I am a US citizen who inherited a residential house in a foreign country  with 2 siblings from our late father, who is a foreigner.  

The house is worth about 900 US dollars, and we each equally own 1/3.  I am a US citizen as is my husband and we live in the US. 

I know I have to complete and submit a form 3520

 

My questions are-

1.  Does my husband have to complete one as well. It is my inheritance, not his and my share is under my name only.  

     a) If  NO,  do I still have fill in his name and social security number on the Form 3520 in 1a and d if we are filing jointly or separately? 

 

2. In section IV of the form, as fair market value in the form do I put down just my share 300K?  

 

3.  Do I need to specify that I am only 1/3 owner the description of property received. 

 

4. Are there any complications because I own the house jointly with my siblings? One of my siblings is a US citizen and she plans to fill her 3520 as well.  Any issues with owning property with others you can thing off?

 

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