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My father was a US citizen with Hungarian property. (We were…

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My father was a...

My father was a US citizen with Hungarian property. (We were both born in Hungary). He and my mother had a condominium that was sold and Hungarian law automatically distributes 1/2 to the wife and the other half is split 3 ways. Do we have to pay tax on the money? The total is approximately $200,000.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Attorney is handling process I Hungary and it appears he will send the entire amount to my mother for distribution.

Submitted: 1 month ago.Category: Tax
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3/23/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,626
Experience: 15years with H & R Block. Divisional leader, Instructor
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 month ago

There would be no tax to pay. As your father was a US citizen the property sold in Hungary would not place you in a position to require the form 3520 either. The form 3520 is used when a US person receives $100,000 or more form a NON US person. There is no tax and no reporting.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 27 days ago

Just checking to see if you responded at all

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