We have a savings account in a foreign country, The Netherlands. I have completed the FinCen FBAR form for 2021 tax year.
During 2021, my Dutch mother-in-law bequeathed approximately $7,685 (6,604 Euros) to her daughter, my wife. The money was deposited into our Dutch bank account. Is this money taxable and if yes, where do I report it in TurboTax (if I remember correctly, a parent can give up to $15K, per year, to each child without the child having to pay taxes on the money)? Any interest earned on the Dutch account is claimed/paid on our US tax forms. Thank you. Peter
