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

    Aug 27, 2012, 02:46 AM
    Old inheritance from another country
    Hello I am currently living in Costa Rica and have been here for 5 years since my dad passed away I have been thinking of going back to the states (florida). My issue is that when my dad passed he left me a very large sum of money and I would like to know if I will have to pay taxes on this money if I decide to move back. Please let me know up to how much can be tax free. And how would I go about doing this. Thank you for your time and knowledge Have a great day.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Aug 27, 2012, 05:52 AM
    To my knowledge, there are no inheritance taxes in Florida.

    There may be estate taxes at both the feferal and estate level. It depends on HOW MUCH your father left to you.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Aug 27, 2012, 06:43 AM
    Rocadabry: as an heir you do not owe any federa of state taxes on your inheritance. However, whether your father's estate may have owed estate taxes upon his death depends on the total value of your father's estate, not necessarily just the amount left to the you. If your father passed away in 2007 (5 years ago) the exclusion from estate taxes was $1.5 mllion, so if the value of his estate exceeded that amount an estate tax return should have been filed by the executor within 9 month of his death, and the distribution if inheritance monies to you should have occurred after that. So - as long as the executor did a proper job at administering your father's estate you should have no worries now.
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