My siblings, who are not US citizens, will transfer some money left by my deceased non-US parent to me. Is filing an IRS 3520 all I need to do for amount above $100,000?

[TomD8 · Accepted solution]

If you receive a gift or inheritance from a foreign person (nonresident alien) or from a foreign estate and the total amount during the year exceeds $100,000, you are required to report the gift on Form 3520.

The corpus value of an inheritance is not taxable.  There is a possibility that 100% of the inheritance is corpus. If you receive a foreign inheritance payment that includes some portion of income, that income generally would be taxable in the US. If you received $101,000 ($100,000 from corpus and $1,000 from interest) from the decedent's estate, $1,000 would be taxable in the US.  An exception would be if there was some treaty that would exclude that income.