I am receiving an inheritance from my aunt from scotland (50,000 pounds). Will I have to pay any taxes on said money and if so how much. I live in New York. Also do I need to claim it when filing income tax return.
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I am receiving an inheritance from my aunt from scotland (50,000 pounds). Will I have to pay any taxes on said money and if so how much. I live in New York. Also do I need to claim it when filing income tax return.
Mukata has a better answer...
There is no federal tax on inheritances from U.S. sources or foreign sources. You do not claim it on your federal tax return. Your U.S. Tax Return: Tax on Inheritances
Thank you both.
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