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Lev
Lev, Tax Advisor
Category: Tax
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If I inherit money from the UK, aside from paying UK

Resolved Question:

If I inherit money from the UK, aside from paying UK inheritance tax do I also have to pay US inheritance tax? If yes do I pay on whats left after UK tax or on what was originally inherited?
Submitted: 9 years ago.
Category: Tax
Expert:  Lev replied 9 years ago.

For a recipient of the inheritance - does not need to claim it as income. Please see for reference IRS publication 525 page 30 - http://www.irs.gov/pub/irs-pdf/p525.pdf

In case you transfer the money to US - if the amount is more than $100,000, you are required to file form 3120 - http://www.irs.gov/pub/irs-pdf/f3520.pdf (see instructions for details - http://www.irs.gov/pub/irs-pdf/i3520.pdf) to declare transfer from the foreign country. There is no tax associated with this form.

Please let me know if any clarification needed.

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