How to report inheritance from Canada

[sparksals]

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.

[Carson]

It's non reportable to the IRS, b/c as you've said, it's less than USD $100k.

[nelsona]

The estate, if it that of a US person, or has US assets ,would have some reporting to do, but not you.

[sparksals]

Thank you.

[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!

[Carson]

[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.

[Philmb]

Thanks for the advice. I'll check out 3520. Merry Christmas!

[nelsona]

Hey Carson, Good to hear from you.
It's been over a year....