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Estate and other tax liabilities and reporting duty for inheritance from a foreign country.
Here is my situation: my mom, who lived in China and was a Chinese citizen, passed away and I inherited a small amount of precious metal (gold) and half of an apartment (the other half belonged to my sister). I sold my half of the apartment to my sister upon inheritance at the fair market price, which means that the sale itself did not generate any net profit. I paid my share of my mom’s medical expenses, funeral and care taker’s expense etc. out of the sale proceeds. The remaining was deposited into a checking’s bank account in China. That account accrued some interest. What is my tax liability and reporting duty for all these?
March 6, 2024
2:22 PM