If I’m a permanent US resident and my mother is planning to wire over my inheritance of $100K into my US bank account, do I have to report this money?

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If I’m a permanent US resident and my mother is planning to wire over my inheritance of $100K into my US bank account, do I have to report this money?

My mother is not a US citizen. The money is part of my inheritence. Would I have to report this money to IRS and/or pay taxes on it?

Asked on August 25, 2013 under Business Law, Florida

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

These are two separate question: do I have to report this money and do I have to pay taxes on it?  Let's start with the second question first.  No, you do not have to pay taxes on it.  As far as the US is concerned the money is not taxable (if Mom were a US citizen or former US Citizen living outside the country that would be a different story).  But you may indeed have to report it. U.S. persons who receive $100,000 or more in gifts and bequests from foreigners in a year must report those amounts on form 3520 by April 15th of the following year.  There is also another reporting requirement but I would speak with your accountant regarding same.  Good luck.


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