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    DADDYUNDICH's Avatar
    DADDYUNDICH Posts: 3, Reputation: 1
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    #1

    Jan 19, 2013, 01:45 PM
    Taxes
    I want to make invest $250.000 from my taxed inheritance money in Germany. Am I going to be taxed in the US when wireing the money?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 19, 2013, 02:18 PM
    No, there are NO transfer raxes in the United States.

    However, you may have to file Form 3520 to report the amount and nature of the transfer.
    DADDYUNDICH's Avatar
    DADDYUNDICH Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Jan 19, 2013, 02:26 PM
    Thank you so much.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jan 20, 2013, 01:32 AM
    Glad to help!
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #5

    Jan 22, 2013, 04:12 AM
    If you are a U.S. citizen or resident, you may need to file Form TD F 90-22.1 and/or 8938 Specified foreign financial assets (SFFA). Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #6

    Jan 22, 2013, 01:31 PM
    Agree that FBAR is needed.

    Not sure about Form 8938. Need more info.
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