RobertB4444
Expert Alumni

Get your taxes done using TurboTax

First, inheritances aren't taxable.  It is assumed that the person that you inherited it from paid taxes on it while they were alive.  So the only thing you have to pay taxes on is the money that you earn with their money.

 

Second, the sale of half the house to your sister isn't a taxable event.  But it is a reportable event.  You should report the sale on your tax return with zero dollars in profit.

 

Third, the interest is income to you that is required to be reported in the US and is taxed by the US.

 

Fourth, if the balance in that checking account is higher than $10,000 USD you are require to report the balance to the IRS every year.  Here are the FBAR requirements.

 

@Astral27 

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