Foreign inheritance and US tax implications I have a possible tax situation for next year. I want to prepare ahead.
I came to USA in 1985 and became US citizen nineties.
My father inherited land in India which in turn I inherited after his death in Jan 1991.
I am going to sale this land in near future and want to bring the proceeds
to US after full felling Tax requirements(capital gain)in India.
Until now I am self tax filer.
What are my tax obligation in USA?
1) Reading other appends, I need to pay capital gain tax and I will be able to take credit(tax treaty) against the tax paid in India. I think I nderstand
that part.
2) The land was a barren land and did not produce any income ever. Because of circumstances beyond my control it took for ever to sale this property.
3) Is the date of my father's death is the date of acquiring the property for me? My father did not had a will and it got transferred on my name according to Hindu inheritance laws. It took about 4 to 5 months to happen that.
4) I was not aware of filling any other IRS forms for inheritance which I received in early nineties at that time. If I have not, then what I have to do now? I may cross the reporting threshold.
I read about 3520, When 3520 came to existence?
What about 8938?
5) Also what kind of documents are needed to support my filling.
Thanks a lot in advance. |