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Dave CPA
Dave CPA, Accountant
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I am Canadian citizen with green card who has lived in US for

Resolved Question:

I am Canadian citizen with green card who has lived in US for 30 years. I am receiving a Canadian inheritance. Do I have to pay taxes and what forms do I need to file. Also, I will probably file for dual citizenship in the next year of so. Should I wait a period of time because of the inheritance? Thank you
Submitted: 2 years ago.
Category: Tax
Expert:  Dave CPA replied 2 years ago.
Hello,

Welcome to Just Answer,

US tax law doesn't impose any tax on inheritances. So there is no tax due and no forms to file. For you reference you can refer to page 33 (bottom right) of the link below.

http://www.irs.gov/pub/irs-pdf/p525.pdf

Let me know if you have any other questions.

Regards,

Dave
Dave CPA, Accountant
Category: Tax
Satisfied Customers: 840
Experience: Vast knowledge within the accounting/tax industry
Dave CPA and 7 other Tax Specialists are ready to help you
Customer: replied 2 years ago.
Thank you. Can you tell me what page on that PDF. Sorry, looked through it and wasn't sure. Once I get that, I will release funds. Thank you.
Expert:  Dave CPA replied 2 years ago.
Hello,

Thanks for the accept. It's on page 33 of the pdf. Below is an portion of the exert.

Gifts and inheritances. In most cases, property you receive as a gift, bequest, or inheritance is not included in your income. However, if property you receive this way later produces income such as interest, dividends, or rents, that income is taxable to you. If property is given to a trust and the income from it is paid, credited, or distributed to you, that income is also taxable to you. If the gift, bequest, or inheritance is the income from the property, that income is taxable to you.
Customer: replied 2 years ago.
We aren't receiving property we are receiving $$$. Does this mean we don't pay on the initial amount but we pay on the money it makes when we invest?
Expert:  Dave CPA replied 2 years ago.
Hello,

Cash is property. I think you are confusing property with real estate.
Customer: replied 2 years ago.
I was. Thank you.
Expert:  Dave CPA replied 2 years ago.
Have a good day. Please let me know if you need anything else. Dave

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