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I am a Canadian Citizen and have a card since 1972. I live…

I am a Canadian...

I am a Canadian Citizen and have a green card since 1972. I live in Hawaii. My mother passed away in July 2017. My 2 brothers and 1 sister live in BC and one of my brothers is Executor. He just recently sold her townhouse for $590,000. Due to a new lawi BC they have to go through probate. From my end is therer anything I have to do. I plan on having my share sent to my bank in Hawaii.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

My siblings and I are comfortable with the Executor and have no problems. My mom's will was done on 1969 and everythng is to be divided equally.My husband and I have a trust.

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Answered in 55 minutes by:
3/26/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,798
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.

Please accept my deepest sympathy on the passing of your mother.

The cash inheritance due to the sale of your mother townhouse by your mother's estate is not taxable income in the US and does not get reported on your tax return.

You do have a REPORTING requirement if the amount you receive is more than $100,000 from the foreign estate, and you will report it on Form 3520.

https://www.irs.gov/forms-pubs/about-form-3520

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,798
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Thank you for the positive rating of my answer and VERY GENEROUS BONUS. Both are very much appreciated.

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Customer reply replied 25 days ago
This helped me a lot. Thank you

My pleasure.

Have a great weekend!

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Barbara
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