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Posted by valentino on October 11, 2007, 12:41 am
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I have an inheritance from outside US, EURO country. It is
free of taxes there, below the limit. I am US citizen, the
inheritance is from my parents non-US citizens.
The question is, if I have the $$ wired to my US bank would
they be taxed? I can spend them there, bring an expensive
car back and that would not be taxed, or would be?
Thanks, Alex
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Posted by Herb Smith on October 11, 2007, 10:19 pm
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> I have an inheritance from outside US, EURO country. It is
> free of taxes there, below the limit. I am US citizen, the
> inheritance is from my parents non-US citizens.
>
> The question is, if I have the $$ wired to my US bank would
> they be taxed? I can spend them there, bring an expensive
> car back and that would not be taxed, or would be?
The IRS does not tax inheritances. Funds transferred to you
from a foreign country should be documented on Form 3520.
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by HW \"Skip\" Weldon on October 12, 2007, 11:25 pm
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> The IRS does not tax inheritances. Funds transferred to you
> from a foreign country should be documented on Form 3520.
Assume this also applies to gifts from abroad and
funds/assets that already belong to US Citizens but which
were previously kept in foreign countries. Right?
-HW "Skip" Weldon
Columbia, SC
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by Stuart Bronstein on October 12, 2007, 11:54 pm
Please log in for more thread options HW "Skip" Weldon wrote:
>> The IRS does not tax inheritances. Funds transferred to you
>> from a foreign country should be documented on Form 3520.
> Assume this also applies to gifts from abroad and
> funds/assets that already belong to US Citizens but which
> were previously kept in foreign countries. Right?
Right as to the first. As to the second it depends on when
the funds were acquired and if taxes should have been paid
to the US but weren't.
Stu
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by Bill on October 11, 2007, 10:19 pm
Please log in for more thread options aturchin45@hotmail.com (valentino) posted:
> I have an inheritance from outside US, EURO
> country. It is free of taxes there, below the
> limit. I am US citizen, the inheritance is from
> my parents non-US citizens.
> The question is, if I have the $$ wired to my
> US bank would they be taxed? I can spend
> them there, bring an expensive car back and
> that would not be taxed, or would be?
There is no US tax due on any inheritance, from the
individual who receives the bequest -- similar to the
treatment of any gift, where the recipient never is taxed on
the actual gift amount.
In both cases, however, any income which accrues from
investment of the amount received, would be subject to
income tax.
The purchase of an expensive car in another country with the
funds inherited, and subsequent import of that vehicle would
subject you to possible import and sales or use taxes ...
while the cash transfer would involve no such duties or
other tax implications.
Bill
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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