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    Sammie13's Avatar
    Sammie13 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 20, 2008, 01:45 PM
    Tax liability on small inheritance
    I just came into a small amount of inheritance. I'd like to wire transfer the amount to my account from overseas. Is there any tax liability if this is not an income and will there be any impact on my annual tax return.

    Thx:)
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Aug 20, 2008, 08:07 PM
    There is no federal tax on inheritances.
    For more information read: Your U.S. Tax Return: Tax on Inheritances
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Aug 21, 2008, 12:52 PM
    Agreed; however, if the wired amount is MORE than $10,000, you will need to fill outsome paperwork with the bank to explain the origins of the money.
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