You will not need to report this $14K Canadian inheritance on your income tax return. Inherited money is not considered taxable income and is not reported on your tax return or to the IRS
Only foreign inheritance or gifts over a certain amount threshold would require a Form 8938 - Statement of
Specified Foreign Financial Assets and/or a Form 3520 - gift
or inheritance from a foreign person (nonresident alien) or from a foreign
estate and the total amount during the year exceeds $100,000.
Please note : you may need to file an FBAR if the money was held in a foreign bank account under your name or if you had signature authority over a foreign account. You would need 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.
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)
Here
is a link to the IRS related to both the FBAR filing and the Form 8938 filing: IRS
- Comparison of Form 8938 and FBAR Requirements
