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

    Jun 24, 2014, 03:41 PM
    Inheritance from abroad
    Are the tax implications of an iheritance from Australia
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jun 24, 2014, 05:21 PM
    There is NO federal inheritance tax, and the estate tax does not apply since it is in Australia.

    If you receive more than $100,000, you will need to report the receipt of such income on Form 3520, but no tax will be due.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Jun 25, 2014, 05:31 AM
    What state do you live in, and what was the relationship of the deceased to you (grandparent, uncle or aunt, etc)? Several states have inheritance taxes, so depending on the where you live there may be a state inheritance tax.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #4

    Jun 25, 2014, 10:17 AM
    Good point, ebaines! I forgot that some states DO have inheritance taxes.
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