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

    Dec 2, 2008, 01:29 PM
    Inheritance of Cash
    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:
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Dec 3, 2008, 03:54 AM

    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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