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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14463
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Hi. My wifes mom dies in 2010, but the inheritance was just

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Hi. My wife's mom dies in 2010, but the inheritance was just awarded by the court last year. It contains mutual funds, cars, properties, etc. and the total amount exceeds 100,000 (about $180,000)..The cash partt was deposited into my account and I plan to bring it to the US (about $65,000). I'm preparing my tax return now and I'd like to clarify what documents do I need to fill out.
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Thank you for your question, and thanks for using JustAnswer.com. You do not need to file anything with your tax return itself - the inheritance is not taxable to you. However, you need to declare the inheritance as it is over $100,000. You do that by filling out form 3520 - which just tells the IRS that you have received an inheritance over $100,000.

Please let me know if you need anything additional. The only form you should need is form 3520. Also, if you have more than $10,000 in banks abroad you would also have to fill out form TDF 90.22-1.

Thanks again for using JustAnswer.com and have a great day.

** Please take a moment to rate my response as "Excellent" so that I may be compensated for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO RATE MY ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site. This answer is not to be construed as financial or legal advice. Please contact a local tax professional, and do not rely on this assessment to avoid penalties or to make financial decisions. This is for informational purposes only**


You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

Customer: replied 1 year ago.

To fill form 3250, will I have to report her inheritance as a foreing trust or as a bequest in part IV. The way things are done in Chile is that a commercial society is formed with the heirs, and this society manages the inheritance. In this case, they collected the money from the mutual funds and distributed among them, and that's the money my father in law deposited in my account. So to complete 3250, do I just have to inform this in Part IV or any other part?
Thanks!
PS: I also have a question if I need to file form 8938?...my foreing accounts had over $50,000 combined at the end of 2012.

Expert:  Megan C replied 1 year ago.
This would be a bequest in part iv.

You would also be required to fill out form 8938.

Thanks again for your follow up. Please let me know if you need anything additional. Thanks again for using JustAnswer and have a great day.


** Please take a moment to rate my response as "Excellent" so that I may be compensated for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO RATE MY ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site. This answer is not to be construed as financial or legal advice. Please contact a local tax professional, and do not rely on this assessment to avoid penalties or to make financial decisions. This is for informational purposes only**

You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14463
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 4 other Tax Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Thanks David for the positive rating and the bonus. Please ask for me again if you ever need anything. It was a pleasure working with you today. I hope you have a great day.
Expert:  Megan C replied 1 year ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer

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