Ask Experts Questions for FREE Help !
    Lefty1's Avatar
    Lefty1 Posts: 1, Reputation: 1
    New Member

    Aug 29, 2009, 06:39 AM
    Are there US taxes due on Inheritance money brought in from a Foreign Country?
    My husband is a resident alien of the US and I am a US citizen. His mother recently died and his Dad sold the house. The money for the house will be given to my husband as inheritance because that was his mother's wishes. There will already be a decrease in the amount due to the exchange rate between the countries. Will the remaining amount that he brings into the US be taxes also?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert

    Aug 31, 2009, 01:21 AM

    In the U.S. there is no tax on inheritances. Since the money is coming from a foreign country you may be required to file Form 3520.
    mack20007's Avatar
    mack20007 Posts: 78, Reputation: 5
    Junior Member

    Sep 5, 2009, 08:09 PM

    In addition to the above information, if the money is physically brought into this country, or physically shipped, and it exceeds $10,000 at a one time transaction, a form FinCen 105 needs to be completed. If it is however transferred using normal banking procedures like a wire transfer, the form does not need to be completed.

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

Transfer my money from a foreign country to US [ 9 Answers ]

I recently sold a house in a foreign country and paid local taxes on this transaction. I would like to transfer this money from my bank account in the foreign country to my US bank account. What are my legal obligations? Are there any forms I need to file? Will I need to pay US tax on this money?...

Taxes on money transferred from a foreign country to USA [ 4 Answers ]

I am a student on F1 visa studying in Ohio. I am scheduled to get 25000$ wire transferred from a foreign country. Will this amount be taxable when it lands in USA?

Taxes on inheritance or gift originating from a foreign country? [ 6 Answers ]

Would I have to pay taxes on gifts or inheritance that I may receive from a family member in a foreign country? Amount may be in seven figures. If so, anyone know if there are any loopholes that I may be able to take advantage of? And how much in taxes do I have to pay? Any response would be...

Inheritance From Foreign Country [ 1 Answers ]

Long, lost family member died in 2002 in Malaysia. I am sole surviving heir. After paying for services rendered in Malaysia for transferring the estate to me, my net gain expected to be $1.4MM. Since only $1MM is excluded from inheritance or income taxes on deaths occurring in 2002, what...

View more questions Search