Petitepuce
Mar 20, 2013, 07:40 AM
I have dual citizenship with France and the US and have been living in the US and working in the US since I was 18 - I file yearly taxes in the US as required. My mother only has french citizenship and lives in France. When she passes away, I will inherite a sizable sum. I will inherit several properties and money currently held in several foreign accounts in my mother's name. I will ultimately want to sell the properties and am wondering if I will be obligated to pay taxes in the US.
Based on research I have been doing on the internet, I believe I will need to file a Form 3520 to notify the IRS of the inheritance - but that I shouldn't have to pay US taxes on the inheritance as I will be paying the required inheritance taxes in France. I am however curious about whether I will need to pay Capital Gains taxes in the US once I sell the properties in France since the US requires US citizens/residents to pay taxes on worldwide income.
I would appreciate any guidance on what my obligations will be in the US on this inheritance. - Thanks
Based on research I have been doing on the internet, I believe I will need to file a Form 3520 to notify the IRS of the inheritance - but that I shouldn't have to pay US taxes on the inheritance as I will be paying the required inheritance taxes in France. I am however curious about whether I will need to pay Capital Gains taxes in the US once I sell the properties in France since the US requires US citizens/residents to pay taxes on worldwide income.
I would appreciate any guidance on what my obligations will be in the US on this inheritance. - Thanks