Accepted Answer

Hello Southern Gent,

I assume that since you are receiving SS, that you are a US citizen. If that is the case, and if you are receiving an inheritance from a foreign country, you will owe no tax on this inheritance, regardless of how much you receive.

Any gifts or bequests which you receive from a foreign source that exceed the amount of $100,000 in one year must be reported to the IRS by filing Form 3520 to report the amount you received. There is no tax due with that form, but it is a reporting requirement.

If you were contacted by email regarding this inheritance, please make sure that you do not send these people any money or pay any fees to get this inheritance, as many people have been vicitims of scams which advertise that you have an inheritance coming to you from another country. If this inheritance is legitimate, you should not have to pay any up front fees to receive it.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you Southern Gent.

Edited by Merlo on 10/28/2009 at 12:14 AM

Expert:	Merlo
Pos. Feedback:	99.8 %
Accepts:
Answered:	10/28/2009

Accountant

25+ years tax consulting. Specializing in returns for US citizens living abroad