Answer

Hello again XXXXXXXX,

 

Thank you for the clarification.

 

You are not subject to any taxes that you receive as a gift or as an inheritance from a foreign country. However, if the amount you receive is more than $100,000 in any one calendar year from a foreign source, you must report receipt of that money by filing Form 3520 with the IRS. You would report receipt of this money in Part IV of that form which is used for gifts and/or bequests from a foreign country.

 

There is no tax due with this form but it is a filing requirement. Filing the Form 3520 is really for your own protection so that in the event you were ever audited, you would have a clear record of reporting where this money came from.

 

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Thank you XXXXXXXX