 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
International inheritance
We have a large sum of money coming as an inheritance from a relative who passed away while living and working abroad. Please advise how this will be handled once the electronic transfer of the funds is made to our account here in the United States.
Will this inheritance be subject to tax or do we just pay tax on the accumulated interest once it is here? Can we avoid paying taxes on it by investing it in certain areas for retirement? |
||||
|
||||
|
In the U.S. there is no tax on the inheritances. You may still need to file Form 3520. Read: Your U.S. Tax Return: Tax on Inheritances |
||||
|
||||
|
Download this form: http://www.irs.gov/pub/irs-pdf/f3520.pdf If the bequest did not come from a foreign trust, corporation, or partnership fill in the informational part right at the beginning and then go right to part IV |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
Hi All I am a single international on F1 studying in NC in 2008. -> I left NC to work at Atlanta from June to Aug (10 weeks). Was paid a stipend, paid state and federal taxes and now have my W2. -> Worked as an Assistant for a couple of hours and was reimbursed (<$300 in total) in NC. Have...
I was contacted by an attorney from Africa. He believes that I may be the descendant of a family that uses my same sir name. Do I have to prove that I am? If he processes this inheritance and I receive the money, what does the US government require from me? What if the attorney is wrong? Am I held...
Hi everyone, Im doing a research about italy, Could someone answer this Q? Does Italy receive international aid or not ? Thanks in advance...
I am a citizen of the US filing taxes every year. My father passed away recently and I have received an inheritance from him. He was an Indian citizen and the inheritance is in India. According to the govt. of India rules, I can transmit the amount to the US by EFT after paying the reqd. taxes. ...
If you are a recipient of a large inheritance coming from International to States and you open an account to receive the funds what are your obligations to the US if any upon receiving this money? If you never had a lot of money before who do you turn to for advice on handling your money? If you...
View more questions Search
|
