Inheritance of Cash

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Dec 2, 2008, 12:29 PM

LonJ

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Join Date: Dec 2008

Posts: 1

Inheritance of Cash

If you receive a cash inheritance from a deceased relative with a foreign bank account, when you are named the beneficiary of the account by that countries court system, will the monies received be taxable?

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Dec 3, 2008, 02:54 AM	#2

MukatA Tax Expert Join Date: Nov 2007 Location: CA Posts: 4,642	In the U.S. there is no tax on inheritances. However, if the amount exceeds $100,000 you must file form 3520. Your U.S. Tax Return: Tax on Inheritances

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