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rfcready
Nov 18, 2009, 06:17 AM
Hello
My wife has inherited a sum of money in Bolivia ,she wants to transfer the amount from there to the US where she is a citizen.How does she go about this paying the least amount in tax?
Thanks

Five Rings
Nov 18, 2009, 09:27 AM
There is no tax on that money. In America gifts and bequests are not considered income.

Nevertheless, if it is $100,000 or over an informational form is required to be submitted.
See: http://www.irs.gov/pub/irs-pdf/f3520.pdf
http://www.irs.gov/pub/irs-pdf/i3520.pdf

MukatA
Nov 19, 2009, 04:03 AM
If the amount transferred exceed $100,000, file form 3520.
If you or your wife have foreign account, then you may have to file Form TD F 90-22.1.