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. |