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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Estate Law
Satisfied Customers: 116704
Experience:  Experienced in Trust and Succession Law, including Louisiana Laws
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if I receive money from the estate of a relative who is direct

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if I receive money from the estate of a relative who is direct relative in Canada who has past away in Canada and is a citizen of Canada, is the money I receive taxable when I receive it on my personal tax returns in Arizona and Federal tax returns?
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

For Arizona and Federal purposes there is no tax on inheritances. You do have to complete an IRS Form 3520 on receipt of foreign gifts over $100,000. If you set up a bank account in Canada for the funds, you do have to file a Treasury Form TD-F-90-22.1, to disclose foreign accounts over $10,000 and if the amounts are over $10,000 it has to be reported on your tax return as foreign accounts.




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