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    PAkcots's Avatar
    PAkcots Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 8, 2015, 03:12 PM
    Overseas funds
    My father had an account overseas. He pre-arranged for automatic wire transfers, twice per year, at $10k per wire transfer ($20k total per year). He passed away, yet these transfers will now continue to my mother (here in the US) until the funds are exhausted.

    Are there tax consequences?
    Even if no tax consequence, if considered a gift, are there annual reporting mandates?

    Kind Regards,
    ~Rose
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jun 8, 2015, 05:58 PM
    Is your mother a U.S. citizen, and was your father a U.S. citizen?
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