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? :confused:
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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? :confused:
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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