Business wrote:
- quote -

I have a similar situation. My wife's great uncle died in
Asia this year. She is due a sum closer to $350,000.00. I
understand the jist of the issue so far from this thread,
but are there any restrictions as to dollar amounts or the
type of relative it is coming from? What documentation needs
to be filed to make everything legit?

Moderator:
Neither the amount nor type of relative is not going to be
a problem. If your wife's grandfather was neither a citizen
nor a permanent resident of the United States, no problemo.
However, for that kind of money, I would suggest contacting
a CPA or and Enrolled Agent who specializes in inheritances.

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sandiec wrote:

- quote -

Generally, no, provided your grandfather was not a US
resident nor a former US citizen or long-term resident
subject to the expatriation rules at the time of his death.
You may, however, have to include on your income tax return
any income (e.g., interest) generated by the funds since the
time of his death, or since the time that the gift became
yours without substantial restrictions on your ability to
use the economic benefit of the funds.

For example, assume that gf died 8/31/06 and left a specific
bequest in his will to you; further assume that the executor
had set aside the money to satisfy that bequest and had
notified you that it was available as of 9/30/06. In that
case, if the money were in an interest-bearing account, the
interest earned from 9/30/06 forward would be your income
and reportable as such on your individual income tax return.
The mere receipt of the gift, however, is generally not a
taxable event - at least so long as there aren't any funky
facts floating around that you didn't post.

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You will not have to pay US or NYS taxes assuming the
decedent was a UK citizen. And if the amount grows and you
bring back more than 100k, I think you have to file
something with the IRS or the Department of Treasury
declaring the money, but again no tax.

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"sandiec" <bigbad_butch[at]yahoo.com> wrote in news:12ike3opfuhqc17

- quote -

I tried to be honest and paid long term cap gains on the
increases in value of the euro vs the US$. Inheritance
taxes had been paid in Holland more than 1 year prior.
Basis: date of death

--
Best regards
Han
email address is invalid

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sandiec wrote:

- quote -

No

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"sandiec" <bigbad_butch[at]yahoo.com> wrote:

- quote -

No. Inheritances are not taxable income. See IRS
Publication 525.

There is a US report you have to file. Your banker can
probably advise you.

--
Phil Marti
Clarksburg, MD

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I have a question my grandfather left me about $70,000 the
money is in the UK right now with the solicitors. When I
move the money to the USA NY state, will I have to pay taxes
on it?

thanks
Sandie

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