According to one of the threads in this group, a gift or inheritance from a foreign person to a U.S. person is not taxable to the receiver.
My question is what happens in a case where a resident alien working in the US inherited a parcel of land from parents in a foreign country in 1984. The land was sold in 2010 and the person brought a portion of the sale over $100,000 back to the US. Would the person have to pay back tax for this anount? Would there be back tax and penalty for the tax year 1984?
Incidentally, the person became a US citizen in 2004. How would this affect her tax obligation?
Thank you, pax