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    mborner's Avatar
    mborner Posts: 1, Reputation: 1
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    #1

    Oct 12, 2006, 09:56 AM
    Inheritance
    I'm receiving an inheritance from Germany of about $260,000 (after Germany's taxes). What are my federal tax ramifications? (I live in Wyoming). What is the best way to minimize my taxes?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Oct 12, 2006, 07:32 PM
    It's an inheritance, so there are NO federal tax ramifications.

    You WILL need to report the receipt of that amount of money, but no taxes will be due. A call to the IRS will reveal the Form number that will be used for this purpose.
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