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Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 46137
Experience:  29 years of experience as a tax, real estate, and business attorney.
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My father, (who was German and never lived in America) passed

Customer Question

My father, (who was German and never lived in America) passed away a year and a half ago and my two brothers and I inherited a apartment in a single family home in Germany.
The apartment will now be sold and I will get a small sum of money. I am now an American citizen. Do I have to pay taxes (and what kind?) on that money?
Submitted: 1 year ago.
Category: Tax
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good evening. You will owe no inheritance tax. But, if the amount is more than $100,000, you will be required to file Form 3520 with the IRS to report the receipt of these funds. There will be no tax; this is simply a reporting form. If $100,000 or less, you have no tax and no reporting requirement.



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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 46137
Experience: 29 years of experience as a tax, real estate, and business attorney.
Richard and 4 other Tax Specialists are ready to help you
Customer: replied 1 year ago.
It will be way less than 100.000 and do I understand correct, I can transfer the money from my account in Germany to my Bank account in Florida and not worry about the IRS?
Expert:  Richard replied 1 year ago.
Thanks for replying. Yes, that's correct.
Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help!

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