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I recieved inheritance income from sales of my mothers home…

I recieved inheritance income...

I recieved inheritance income from sales of my mothers home in Puerto Rico for 44K and paid taxes of 6500. I recieved a form 480.6C form. How do I enter it in my tax return and would I have to file a tax return in Puerto Rico

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Answered in 34 minutes by:
3/11/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,783
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.

Unless the foreign inheritance was over $100,000, then no US income tax reporting or filing requirement is necessary.

Inherited money is not considered taxable income and is not reported on your tax return or to the IRS.

The amount that was withheld by Puerto Rico is for non-residents.

The following link contains additional information you will find helpful:

https://ttlc.intuit.com/questions/3742369-where-do-i-report-form-480-6c-from-puerto-rico-for-money-i-inherited-from-sold-property

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,783
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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