HW "Skip" Weldon wrote:
- quote -

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

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Herb Smith <smithff33[at]aol.com> wrote:

- quote -

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

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"valentino" <aturchin45[at]hotmail.com> wrote:

- quote -

No. See the "Payments from foreign countries" thread.

- quote -

No income tax problem, but check this out with your state
ahead of time. You'll probably have to pay sales tax when
you first register it, and make sure that it's going to meet
emissions and safety standards, etc.

--
Phil Marti
Clarksburg, MD

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aturchin45[at]hotmail.com (valentino) posted:

- quote -

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

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"valentino" <aturchi...[at]hotmail.com> wrote:

- quote -

The IRS does not tax inheritances. Funds transferred to you
from a foreign country should be documented on Form 3520.

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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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