Dear TurboTax community,
I recently relocated to the US and find myself in unfamiliar territory regarding tax implications, so I'm seeking your valuable expertise.
I'm a French citizen currently living in the US under an H1B visa. Regrettably, I lost my father not long ago. I am due to inherit an apartment, stocks, bank account, and "assurance vie" in France — a financial product distinct from traditional life insurance despite the similar English translation. All associated taxes for these assets will be settled in France.
In light of this, I have a few questions regarding potential US tax obligations:
- Do I need to report this inheritance to the US tax authorities, or is filing the FBAR sufficient?
- Should a declaration to the US be necessary, which specific forms must I submit?
- Are there any taxes due in the US pertaining to this inheritance?
Bonus question not linked with inheritance: I also have an "assurance vie" in France and I have no idea how to declare it in US. Is there a link you could provide me so that I can understand what to do with that?
Recognizing the complexities of this matter, I'm deeply appreciative of any guidance you can provide.
Thank you for your time and assistance.
Warm regards,
