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There is no Federal or State inheritance tax payable by you when you receive the real property. You receive it at fair market value, since inheritance taxes applied (to the estate, not to you). plus and estate taxes paid on the asset by the foreign estate.Since the real property was liquidated, you may owe US and State taxes on the gain on sale of the property. It's yours, and you are taxed on worldwide income as a US citizen.
http://www.irs.gov/pub/irs-pdf/f3520.pdf is for the form you need to report to IRS if the inheritance is worth more than 100,000.
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Hello and thank you for allowing us at Just Answer to assist you. There may be inheritance tax in the other country. If you pay that, you'll need to check the tax treaties to see if you are able to claim that tax payment as a credit against your federal income tax. Selling the property may be taxed in the other country, and will be taxed here, too. You probably will have tax proceeds withheld from the sale. There shouldn't be any problem claiming a tax credit for that amount.