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My wife inherited money in Australia. We need to bring $550k to the USA to make a purchase of a partnership interest.

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Is this a taxable event....
My wife inherited money in Australia. We need to bring $550k to the USA to make a purchase of a partnership interest. Is this a taxable event.
Submitted: 1 year ago.Category: Tax
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6/25/2016
Tax Professional: Barbara, Enrolled Agent replied 1 year ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,468
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Bringing/wiring money from Australia to the U.S. is not a taxable event.

However, there is a REPORTING requirement by your wife if she is a U.S. citizen for a foreign inheritance. She will use Form 3520 to report the inheritance.

http://kaufmann-cpa.com/FAQ/foreign_inheritance_gifts_faq.html

https://www.irs.gov/uac/about-form-3520

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 1 year ago

Just following up with you to see if you have any other questions or concerns. If so, please let me know, and I will be happy to assist you further.

Best regards,

Barb

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Barbara
Barbara
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