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I received money from my deceased aunt's estate. She lived in Canada. I received no form. Where would I enter this information.

I received $14K from my Canadian aunt's estate.  Taxes where paid prior to the disbursement of the money.  I did not receive and forms or paperwork other than the will indicating I get the money.  Where do I put this information on my taxes?

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DS30
New Member

I received money from my deceased aunt's estate. She lived in Canada. I received no form. Where would I enter this information.

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:

  1. you had a financial interest in or signature authority over at least one financial account located outside of the United States; and
  2. 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

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1 Reply
DS30
New Member

I received money from my deceased aunt's estate. She lived in Canada. I received no form. Where would I enter this information.

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:

  1. you had a financial interest in or signature authority over at least one financial account located outside of the United States; and
  2. 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

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