My wife will receive $70,000 (deceased mother's estate) from Colombia to be sent on a bank-to-bank transfer to the US. Any US taxes on this money or special forms needed?

[gmacala]

I see that we don't need a Form 8938 for foreign assets since the amount is less than $100,000, however, I don't know if taxes would be owed in the US.

[WillK · Accepted solution]

As long as the decedent (your wife's mother estate) who transferred the money is neither a U.S. citizen nor a foreign national domiciled in the United States, no U.S. estate tax is imposed on the transfer, there is no U.S. tax resulting from the death transfer. Also, the United States also does not impose an income tax on inheritances brought into the United States. Since this is not taxed, there are no special forms needed.