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I inherited a foreign bank account. I have the documents…

I inherited a foreign...

I inherited a foreign bank account. I have the documents proving the inheritance. The paperwork has been filed with the IRS, but I do not have copies of the filing and the bank is asking for them. How do I go about getting copies of the paperwork?

Accountant's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

The will is in the state of California. The IRS paperwork was filed in California. The bank account is in Brighton England.

Accountant's Assistant: Has anything been filed or reported?

Yes

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

Not at this time

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Answered in 1 hour by:
8/11/2017
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,686
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Who prepared the IRS paperwork and what forms/documents were filed?

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Customer reply replied 1 year ago
Attorney Micheal Joseph who is the decedent attorney who sent me copies filed In the United States Supreme court in California, that declares me as the benefactor. I do not know what paperwork was filed with the Internal Revenue service's.
Customer reply replied 1 year ago
Here is the attachment from the US Supreme court in California
Customer reply replied 1 year ago
I have asked Mr. Joseph for copies of the paperwork and he said I would have to get the originals from the IRS to forward to the bank. That was 3 weeks ago and I have not heard from him.

Contact the bank and ask them what specific forms they are looking for from the IRS, and then I will be able to let you know how to obtain copies from the IRS. The IRS is not going to send you the originals of forms sent to them.

Any forms required to be filed with the IRS would not be due to be filed yet.

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Customer reply replied 1 year ago
I have contacted the foreign bank and they are requesting a signed document that the taxes have been paid before they complete the transfer. Im not sure how I can pay taxes on money that I do not have in my possesion.

Cash inheritances are NOT taxable in the US.

You would have a REPORTING requirement to the IRS because you are receiving money from a foreign source, but no taxes are or will be due.

Perhaps the foreign bank will accept an opinion letter from a CPA/Enrolled Agent in the U.S. stating such and referencing the IRS rules. I am an Enrolled Agent and will be happy to prepare such a letter on your behalf.

Thank you.

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Customer reply replied 1 year ago
What do I need to do?

Explain to the foreign bank that no taxes on due on inheritances of cash in the US. Ask them if they will accept an Opinion Letter from an IRS Enrolled Agent so they can release the money to you.

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Customer reply replied 1 year ago
Ok, thank you. I will let you know.

Perfect.

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Customer reply replied 1 year ago
I have received a email from the bank and a Opinion letter from you is unacceptable because of the Foreign Accounts Taxation Compliance Act (FATCA) requiring all foreign banks to disclose the financial information of any American with assets over $50,000.00 sitting in banks outside of the United States. I guess i will have to pay the $33,000.09 in taxes due, which I do not understand since I have not received the money.

The foreign bank is incorrect.

You have a REPORTING requirement if the foreign bank account is in your name. The REPORTING requirement is made for 2017 in 2018.

See the following: https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

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Customer reply replied 1 year ago
Do you have a email so that I can forward what the bank head bank managerial staff emailed me and the email i just received from the estate attorney. I tried to attach them here, but it wont let me. Guess I'm to computer illiterate, lol.

I will make a Premium Service Offer and we can continue through personal email. You can choose to accept or decline the offer.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,686
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
Barbara and 87 other Tax Specialists are ready to help you
Ask your own question now

I have sent you my personal email address.

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