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chloe2008
May 30, 2008, 06:03 AM
Hi - I am green card holder (married to US citizen) working here in the US. I am a Canadian citizen by birth. I file taxes here in the US and not Canada. My father (Cdn citizen) recently passed away in Canada and left me a sum of money in excess of $100,000.00.

What are the tax consequences to me, federal and state, once this money is placed into my US bank acct?

MukatA
May 30, 2008, 06:21 AM
There is no tax on inheritances. Only requirement is that the money coming to the U.S. is actually inheritance or gift. If the amount exceeds $100,000, you must file Form File 3520 Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts.
Read about inheritances: Your U.S. Tax Return: Tax on Inheritances (http://taxipay.blogspot.com/2008/02/tax-on-inheritances.html)