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Jax Tax
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1408
Experience:  JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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I was a beneficiary of a bequest in the UK on which

Customer Question

I was a beneficiary of a bequest in the UK on which (substantial) taxes were levied there. Those funds are currently parked in a UK bank account.
Were I to transfer some or all of those funds to the US, where I live, would I be subject to further, US, income taxes on those funds?
Submitted: 1 year ago.
Category: Tax
Expert:  Jax Tax replied 1 year ago.

Whether you owe US taxes as a beneficiary has nothing to do with whether you do or when you transfer money to the US. Transfering money to the US does not create a tax situation. So, if you currently have no tax obligatíon regarding the bequest, transferring money to a US account is not going to trigger a tax liability.

Expert:  Jax Tax replied 1 year ago.

In short, transferring money from one account to another, even internationally, does not trigger tax liability.