No you will not pay any taxes on either the foreign gift or when the money is transferred to your US bank account.
You will not pay any taxes on inherited or gifted
money because the IRS does not consider this taxable income.
Regarding the amount of the foreign gift -
there may be additional filing requirements required to report this foreign
gift to that IRS. If the foreign gifts exceed $100,000 in total during
the calendar tax year, you will need to file Form 3520 - gift or
inheritance from a foreign person (nonresident alien). This form is
not supported by TurboTax.
Regarding your FBAR requirement -
If you have foreign
bank accounts, you may be required to file a Report of Foreign Bank and
Financial Accounts (FBAR) if are a US citizen or resident and::
- you had a financial
interest in or signature authority over at least one financial account
located outside of the United States; and
- the aggregate value of all
foreign financial accounts exceeded $10,000 at any time during the
calendar year reported.
Foreign financial
accounts consist of all foreign financial accounts that you own separately or
jointly or for which you have signatory authority over (such as a foreign
business account that is owned by the business but for which you can sign
checks or redirect funds).
To be directed to
the US Treasury Government Website to prepare a Report of Foreign Bank and
Financial Accounts, click FBAR
(TurboTax does not support this form)
