Because ownership transferred to you and your siblings before the sale, you do not file Form 3520 again just for receiving your share of the sale proceeds; you report the sale on Form 8949 and Schedule D.

Form 3520 Part IV

In general, a foreign gift or bequest is any amount received from a person other than a U.S. person (a foreign person) that the recipient treats as a gift or bequest and excludes from gross income. For gifts or bequests from a nonresident alien or foreign estate, you are required to report the receipt of such gifts or bequests only if the aggregate amount received from that nonresident alien or foreign estate, or foreign person that you know or have reason to know are related to the nonresident alien or foreign estate, exceeds $100,000 during the taxable year.

Form 3520 Part III

Distributions from a foreign trust are reportable on Part III of Form 3520.

Generally, the gross proceeds from the sale of inherited property are included in gross income when considering the need to file. If there’s a filing requirement, report the sale on Schedule D (Form 1040), Capital Gains and Losses, Capital Gains and Losses") and on Form 8949, Sales and Other Dispositions of Capital Assets :

To determine if the sale of inherited property is taxable, you must first determine your basis in the property. The basis of property inherited from a decedent is generally one of the following: The fair market value (FMV) of the property on the date of the decedent's death (whether or not the executor of the estate files an estate tax return ( Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return Tax Return") ). If you sell the property for more than your basis, you have a taxable gain.

General Instructions

Enter all sales and exchanges of capital assets, including stocks, bonds, digital assets, and real estate (if not reported on line 1a or 8a of Schedule D or on Form 4684, 4797, 6252, 6781, or 8824). Include these transactions even if you didn't receive a Form 1099-B, Form 1099-DA, or Form 1099-S (or substitute statement) for the transaction.

Part II

Generally, if you disposed of property that you acquired by inheritance, report the disposition as a long-term gain (or loss) regardless of how long you held the property. Enter “INHERITED” in column (b).

How long should I keep records?

Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. You must keep these records to figure your basis for computing gain or loss when you sell or otherwise dispose of the property.

Foreign currency exchange rates

You must express the amounts you report on your U.S. tax return in U.S. dollars. If you receive all or part of your income or pay some or all of your expenses in foreign currency, you must translate the foreign currency into U.S. dollars. Use the exchange rate prevailing when you receive, pay, or accrue the item.

A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

Types of foreign assets table

|Financial (deposit and custodial) accounts held at foreign financial institutions |Yes |Yes | |Foreign real estate held directly |No |No |

Capital or ordinary gain or loss

Loss from the sale or exchange of property held for personal use is not deductible.

If you paid or accrued foreign taxes to a foreign country or U.S. possession and are subject to U.S. tax on the same income, you may be able to take either a credit or an itemized deduction for those taxes. File Form 1116, Foreign Tax Credit (Individual, Estate, or Trust)") , to claim the foreign tax credit if you are an individual, estate or trust, and you paid or accrued certain foreign taxes to a foreign country or U.S. possession.