alexm4
Jun 29, 2010, 06:30 AM
My father (who was not a citizen of the US or resident of the US and who had all of his assets in another country) recently passed away. He left me two properties. The executor (foreign lawyer) will sell one of the properties soon and put the money into a foreign bank account for me. After that the money is mine to enjoy. I want to bring it to the US and I want to pay all taxes and such on it. I will probably get an accountant eventually but I wanted to understand the roadmap.
Here is what I understand based on amateur research:
1. Once the bank account is set up, I need to declare it on an FBAR.
2. I also need to file a 3520 with the IRS.
3. There is no federal estate tax whatsoever because the decedent and the entire estate is outside of the US. There is no federal estate tax filing requirement either.
4. There is no California estate tax either (because they follow the federal rules).
5. Is there like an FBAR or 3520 for California?
Most importantly, anything else that I need to know? It seems like I'll get all the money without having to pay any tax which seems too good to be true.
Here is what I understand based on amateur research:
1. Once the bank account is set up, I need to declare it on an FBAR.
2. I also need to file a 3520 with the IRS.
3. There is no federal estate tax whatsoever because the decedent and the entire estate is outside of the US. There is no federal estate tax filing requirement either.
4. There is no California estate tax either (because they follow the federal rules).
5. Is there like an FBAR or 3520 for California?
Most importantly, anything else that I need to know? It seems like I'll get all the money without having to pay any tax which seems too good to be true.