Re: Gift / Inheritance Form a Foreign Person. Form 3520-Gift Tax.

friendassistance · Jun 3, 2024 2:25:44 PM

hello, I have confusion about when an inheritor can truly sell an inherited real estate and when to file form 3520.My father died in 2023 and we started probate (succession) paying inheritance taxes in 2023, about 7 months after is death.Ineritance was real estate parts (other parts I already owned since mom died) and cash. I did not file form 3520 believing it was just the cash. And the cash was not given to me from the bank before 2024. So I was expecting to file 3520 in 2024. Meanwhile I decided to sell some of the real estate, and it was not possible before I did the transcription of the inheritance acceptance. Only then we could sell. So we got that transcription the same day we sold the property. In 2024. So tecnically I could not sell the property in 2023. Because there was not transcription of the acceptance of inheritance. Which in my country of origin is necessary to guarantee the buyer that I actually really inherited that asset and not just apparently. So would this fact make the reporting time pertain the year 2024? so basically filing form 3520 for both real estate and cash in 2025?

thank you, yes now I can breath, I got legal advise and realized I did not miss the deadline, my stuff is for the year 2024 as I did not get in legal possession of the inheritance in the year 2023, even if my dad deceased that year!

Thank you very much for sharing the updates related to timing of filing Form 3520. What legal advice did you get from (CPA, Attorney, Enrolled Agent)? Professional in USA or other country? Thanks