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I live in Minnesota (MN). My aunt, living in India and a

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I live in Minnesota (MN)...
I live in Minnesota (MN). My aunt, living in India and a resident of India deceased in the Yr 2000 leaving 4 properties that were eventually inherited by 7 of us (6 Sisters + Self). There was a court litigation and finally got the judgement from the court declaring that we 7 are the legal heirs of her properties in 2014. Eventually, one of my sisters' who acted as our attorney, sold-off these properties on our behalf and the sale proceeds were divided equally among 7 of us, a couple of months ago. I got around $20,000 (of Indian money equivalent) as my share which I deposited it into my savings account in India. Please let me know any federal or state (MN)taxes to be filed / owed on this amount.
Submitted: 1 year ago.Category: Tax
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10/29/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

For the properties you would receive a step up in basis to the fair market value of the property at the time of your Aunt's death. The difference between this amount and what the property sold would be a long-term capital gain. Assuming that each of your siblings are 1/7 owners you would report the transaction on schedule D of your tax return.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

Did you have signature authority or have a foreign account with more than $10,000 in it?

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