Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-19-2018, 01:44 AM
Junior Member
 
Join Date: Dec 2017
Posts: 2
how to report returned confiscated assets

The family owned land and other assets in Egypt. In 1953 the government confiscated all of our properties, land and homes. Several lawsuits started by the family which lasted 50 plus years. Three generation later the court case resulted in the government giving us one of the houses.

My cousin was able to sell the house last year. The funds was distributed to the heirs. The home was in bad condition due to the years of neglect. The neighborhood decline as the population of Cairo increased. The purchaser wants to built an apartment building on the site.

Most of my share from the sale of the house has made it to my bank in the US. I am aware that I need to file form 3520 and report it.
Do I need to get into details of the sale of the house? or
just declare the money as inheritance that was wired to me?
All of the heirs are not US citizen, including my Father. I am first generation US citizen. I appreciate any help on this subject.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-19-2018, 11:51 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Do I need to get into details of the sale of the house? or
just declare the money as inheritance that was wired to me?=========>>>>>>I do not think you need to get into details of the sale of the home overseas;however you need to declare ther amt from Egypt; If you received a gift or bequest from a foreign person or estate of at least $100k, you will be required to file form 3520, completing the top identification section and Part IV. to file IRS Form 3520 can be quite confusing to the non-tax professional. This is why you need an international tax expert on your side.plz contact an IRS enrolled Agent/ a CPA doing taxes in your local area for more accurate info.


All of the heirs are not US citizen, including my Father. ========> Aslongas the heirs including your father are either US resident aliens I mean green card holders or US residents for tax purposes then they must , I mean each of them , file form 3520;



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Mother wants to add my name on all of her assets jkerley Estate Planning 1 05-03-2017 09:56 AM
Recieved I-3531 returned for signing even though I signed Guy189 For 2016 0 03-07-2017 08:22 PM
Transferring assets into Self Directed IRA thezone IRA/Sep 1 01-31-2017 09:01 PM
IRS introduces Form 8949 to report "Sales and Other Disposations of Capital Assets". TaxGuru For 2011 0 01-09-2012 05:07 PM
how to report "lease assets to my corp" esttax C-Corporation 0 01-27-2009 11:15 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.