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My mother passed away in 2010 in her papers I have located

paper work for a swiss...
My mother passed away in 2010 in her papers I have located paper work for a swiss account with $170,000 in it that my father opened in 1960 it is in his name only, my father passed away in 1984 the account was not mentioned in his will or my mothers will. Both of my parents were US citizens. I am an only child, am I elegible to collect these forigen funds and if so how go about it and do I then file a gift tax or would I have to file under the IRS rules for offshore accounts? Do I need a tax attorney or accountant to approch the foreign bank. How do I go about this properly and what are my tax filing requirements should I be successful in getting the funds?
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Answered in 28 minutes by:
11/1/2011
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,724
Experience: Taxes, Immigration, Labor Relations
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Hi and welcome to Just Answer!

There is no gift tax since funds were not gifted to you - but you inherited them

You do not need a tax attorney as long as there is no litigations. But I suggest to have a qualified CPA representing you with the IRS.

You are eligible to collect foreign funds as an executor and a beneficiary of your mother's estate. However - you need to determine tax liability and reporting requirements for you and for the estate.

 

An FBAR is a Report of Foreign Bank and Financial Accounts.
You would be a subject of FBAR reporting if you have a financial interest in or signature authority or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.
You should report that by

(1) completing boxes 7a and 7b on Form 1040 Schedule B - http://www.irs.gov/pub/irs-pdf/f1040sb.pdf .
(2) you are a subject of FBAR reporting if a foreign account value is above $10,000.The form to use is TD F 90-22.1 - http://www.irs.gov/pub/irs-pdf/f90221.pdf

 

In additional - you need to determine any income earned on this account at least for past six years - and verify if that income was properly reported on your mother's tax return. If not - you might need to amend those returns and report additional income.

That is why you need a qualified tax prepare helping you.

Let me know if you need any clarification.

Lev
Lev, Tax Advisor
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