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!
Inheritance Cdn/US
Moderator: Mark T Serbinski CA CPA
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Inheritance Cdn/US
Not a professional opinion.
Re: Inheritance Cdn/US
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.
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.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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- Posts: 245
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Re: Inheritance Cdn/US
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.)
Not a professional opinion.
Re: Inheritance Cdn/US
No
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing