Inheritance

Question

Oct 12, 2006, 08:56 AM

mborner

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Join Date: Oct 2006

Posts: 1

Inheritance

I'm receiving an inheritance from Germany of about $260,000 (after Germany's taxes). What are my federal tax ramifications? (I live in Wyoming). What is the best way to minimize my taxes?

Answers

Oct 12, 2006, 06:32 PM	#2

AtlantaTaxExpert Tax Expert Join Date: Feb 2005 Location: Atlanta, Georgia Posts: 9,674	It's an inheritance, so there are NO federal tax ramifications. You WILL need to report the receipt of that amount of money, but no taxes will be due. A call to the IRS will reveal the Form number that will be used for this purpose.

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