Inheritance Cdn/US

[CdnAmerican]

My wife and I are dual Canadians/USC's, and will apparently be getting an inheritance from a family member who was a Cdn citizen but not a US citizen.

1) Is there any IRS tax implication of the inheritance?
2) Is there a threshold for filing a 3520/3520A related to an inheritance?
3) Does it matter if the inheritance is property of another kind (e.g., land, stock) besides cash?

Thanks!

[nelsona]

1. No.
2. It is a gift from a foreign person. The threshold is right on the 3520 form.
3. No. you must determine the value of all parts of the gift.

[CdnAmerican]

Thanks nelsona, that matches what I thought but appreciate the clarification from someone more knowledgeable than I am. One quick follow-up: Is a 3520-A required? (It certainly doesn't look like it, but want to make sure given the huge penalties for messing that up.)

[nelsona]

No