This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
I have inherited some money from Canada. The total estate was < 1,000,000 and my part of it is much less than that. Is it required that this be reported anywhere for tax purposes or for any other purpose?
No. Inheritance of liquid assets is a non-taxable, non-reportable event in either country. If the inheritance consists of property or investments (stocks, bonds, mutual funds, real estate), you should make note of the fair market value of the property as of the date of the person's death. When the property is sold, you do report capital gains or losses vs. the property's value at the time you inherited it.
While no tax will be owed by the inheritor in either country, regardless of the amount, it is reportable on 3520 if the US person's share is more than $100K..
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
