If I just inherited some money from an international Will, how do I send that money into the US without having any problems?
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If I just inherited some money from an international Will, how do I send that money into the US without having any problems?
If the value of such inheritance is lower than $100000, I do not have to report it to the IRS through form 3520. Can I just make a bank transfer? If the money is already in an account to my name overseas, can I still make the bank transfer?
Asked on September 1, 2014 under Estate Planning, Minnesota
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
You should consult with a tax advisor as soon as you can as to the particulars of the inheritance, mainly the status of who the person that left you the money and where they lived. Generally speaking, the United States does not impose inheritance taxes on bequests - money inherited through a Will - but there are other tax laws that may apply. The US has estate tax treaties with many countries so again, the particulars apply here. Good luck.
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