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Category: Tax
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Experience:  over 40 years experience in tax matters
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Mother died last year. German citizen. Inherited money which

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Mother died last year. German citizen. Inherited money which was transferred from bank to bank. Researched and found IRS form 3520 which list in Part IV - US Recipients of gifts or bequest (I assume this included inheritance) received during current tax year from foreign persons. Will this amount be taxed or just ok to be reported in order for IRS to track moneys between countries.
Submitted: 6 years ago.
Category: Tax
Expert:  CGCPA replied 6 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.


As the beneficiary of an estate you do not pay taxes on the money you inherit. Many people commonly refer to an inheritance tax. That is a misnomer. There is no inheritance tax. The tax they refer to is really called an estate tax. The estate tax is imposed on the assets of the deceased. A non-US estate will not be taxed here.

Customer: replied 6 years ago.
Thank you for the answer. However, do I need to fill out IRS form 3520 in order to at least report the money transfer from Germany to the US as a recipient?
Expert:  CGCPA replied 6 years ago.
If the inheritance is over $100,000 I would complete and submit the form. If the inheritance is less it is not required.
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