My father was a dual U.S./Lebanese citizen who lived in Lebanon for the last 10 years of his life.

last June, he passed away and I inherited some plots of land in Lebanon, an apartment and his business.

Do I have to report this for tax purposes?

If so, what is my basis?

The store is losing money, can I deduct my share of the losses from my tax return?

Please refer to the appropriate section of the IRS regulations.

I appreciate everything that you all do! It is a great deed!

M.

The answer to question #14 please

1. Assuming you are a U.S. citizen or resident. Any money or property you inherit, the receiver does not pay any tax. So there is no tax liability. The basis of the property is the fair market value at the date of death.
For more information read: Your U.S. Tax Return: Tax on Inheritances (http://taxipay.blogspot.com/2008/02/tax-on-inheritances.html)

2. About business: If you have inherited the business, you must report profit or loss from the business on schedule C.
You can have loss for a long period, then IRS expects you to sell your business.