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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10109
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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If I receive inheritance money from overseas, upon the death

Customer Question

If I receive inheritance money from overseas, upon the death of my parents, who are not US citizens or residents, do I report it on form 3520 only? Any other reporting required? Any limit on the amount of inheritance that can be sent to me in a year?
Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.

Hi,

...

I hold a JD (Juris Doctorate, a doctoral degree in the law),concentration in Tax Law& Corporate law, an MBA (specialization in finance & tax), and BBA from Stetson School of Business and Economics, as well as CFP and CRPS designations.

I can help here

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That's correct, you're spot on... this is simply a disclosure... no tax to you (as bequests, inheritance, and gifts are excluded from INCOME tax under IRC Section 102)

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And it would only be if your parents were US citizens or residents that there would be any estate tax (which would be paid from the estate) ... But here, US has no jurisdiction.

Expert:  Lane replied 11 months ago.

Finally, no, there is no limit to your inheritance for tax or any other purpose.

Expert:  Lane replied 11 months ago.

I hope this has helped

...

Let me know if you have questions

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If this HAS helped, (and you don't have any other questions on this), I'd really appreciate a positive rating(using those stars on your screen) … That's the only way I'll be credited with a portion of what you've paid JustAnswer.com

...

Thank you,

Lane

.

Expert:  Lane replied 11 months ago.

Hi,

I'm just checking back in to see how everything's going.

Did my answer help?

Let me know...

Lane

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