How to report inheritance from Canada
Moderator: Mark T Serbinski CA CPA
How to report inheritance from Canada
I'm a Canadian citizen, US Permanent resident. I inherited $25K CDN which after exchange rate was about $22K US. How do I report this on our taxes or do I need to at all since it was less than 100K? It did not come from a trust, it was simply a bequeath in a will.
Inheritance from Canada
I am relieved to hear that a bequest from a Canadian's will of $25,000 is not reportable on my US tax returns. I have looked everywhere unsuccessfully for the IRS rules that state inheritances of less than $100,000 do not need to be reported. Can you tell me what the rule # is, or where to read it. I believe you, I just need to confirm!
Re: Inheritance from Canada
[quote="Philmb"]I am relieved to hear that a bequest from a Canadian's will of $25,000 is not reportable on my US tax returns. I have looked everywhere unsuccessfully for the IRS rules that state inheritances of less than $100,000 do not need to be reported. Can you tell me what the rule # is, or where to read it. I believe you, I just need to confirm![/quote]
You won't find one, because the rule (can't quote you the exact IRC section right now) says that gifts of more than $100,000 **DO** have to be reported on form 3520. Check the instructions to the 3520 for details.
Merry Christmas.
You won't find one, because the rule (can't quote you the exact IRC section right now) says that gifts of more than $100,000 **DO** have to be reported on form 3520. Check the instructions to the 3520 for details.
Merry Christmas.