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I inherited money in Israel and would like to transfer it to…

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I inherited money in Israel...
I inherited money in Israel and would like to transfer it to my bank account in the US. Do I need to report it to the IRS? Is the bank going to report it? I heard the bank report anything above $10,000. its about $40,000. I don't want it complicating my taxes. What to do?
Submitted: 2 years ago.Category: Tax
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2/24/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
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Satisfied Customers: 18,036
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Hello

Because the amount is under $100K you are not required to report the amount you received. If you had inherited $100K or more you would have to report it on form 3520.

It is not taxable and if you have a transfer to your US bank that is not the same as depositing cash. Cash deposits are reported by the bank when over $10,000.

If you have that in a bank in Israel then you need to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”) (formerly TD F 90-22.1). That is a reporting form.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

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