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MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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I am a US citizen. I am an inheritor of my fathers property

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I am a US citizen. I am an inheritor of my father's property who was a citizen of a EU country. The property will be sold and as his benficiary the money from the sale will be sent to me in the United States. Do I have to pay any US taxes on this inheritance?



There is no limit on the amounts that can be received by US residents from foreign individuals.


There is no tax on an inheritance received from a non-resident individual. If the inheritance is in excess of $100,000, the recipient is required to file an informational form to show where the funds came from. I have included a link to Form 3520 and instructions below.



Customer: replied 8 years ago.
Steve, we had looked at this form earlier since someone else had recommended it, but could find nothing on the form which applies to the inheritance
Customer: replied 8 years ago.

The form deals gifts, trusts, and distributions, and in all cases, they are taxable.

Customer: replied 8 years ago.
Steve, will you get back to me?



There is no US tax on an inheritance from a foreign estate.


In the instructions, item 4(a) relates to amount inherited.


The purpose of the form is to put the government on notice that a US resident has received funds from a foreign estate.


The financial institutions report information about certain deposits, this provides them with the depositors side of the transaction.

I will be away for 1-2 hrs if you need a follow-up
Customer: replied 8 years ago.
Steve 4A indicates US decedent.. Am I misreading It?



Under "Who Must File" Item #4a is for US residents (you) to report amounts received from a foreign estate (your father's) if the amount received is in excess of $100,000.

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