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i am about to receive an inheritance from a relative in a foreign country. The money is in a foreign bank. I reside in Nevada. Will I have to pay state and federal taxes on the money received.
Optional Information: State/Country relating to question: Nevada Already Tried: N/A
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good morning. You will owe no Federal or State inheritance taxes. You will need to file Form 3520 with the IRS if the amount is in excess of $100,000. There is no tax imposed; rather, this is simply an information report that must be filed due to the money coming from outside the United States.
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Thanks for allowing meto be of service to you. Please be aware that the information provided here isnot legal advice. Rather it is simply general information. All states have intricacies in their lawsand any information given is simply information only and specifically is notintended to be, nor does it constitute, legal advice. This communication doesnot establish an attorney-client relationship with you. I hope this answer has been helpful to you.
Experience: 29 Years Practicing Law - Including Tax and Estate Planning