Inheritance in foreign country

shahnaren — Tue, 10 Feb 2026 09:34:43 GMT

Hi, I am a citizen of USA, I have two questions.
First, I inherited stocks in India from my sister when she passed away in Nov 2021

The stocks were transferred in my NRE Demat account in February 2023, in India.

Do I have to show here in USA? If yes then what forms and time limit. Also one of the stock companies offered buyback of the shares, I paid taxes on that, how do I show on my tax form here?

second question is that I sold property which I owned. As per indexations, I didn’t have to pay capital gains tax but I paid sales tax, TDS(Tax deducted at source) how do I show here and can I get credit for that?

I use TurboTax Premier.

Thank you for your help in advance.

Re: Inheritance in foreign country

RobertB4444 — Wed, 24 Jan 2024 19:27:41 GMT

In the US all income earned is taxable. So any sales of stock or property should be reported on your tax return. If you have a gain on those sales then there would be tax due for those gains.

You are also able to deduct any foreign taxes paid on the amounts that are reported.

In TurboTax just enter the sales as though they had occurred in the United States. Use the exchange rate at the time of the sale to convert any foreign currency to USD.

Under deductions and credits you'll enter the foreign taxes you paid. You get credit for those against any taxes you would owe here.

You are also required to report any foreign accounts that you have that exceed $10,000 in value. If you have any of those you should file an FBAR in addition to filing your tax return. Here is the info on filing an FBAR.

@shahnaren

topic Inheritance in foreign country in Get your taxes done using TurboTax

Inheritance in foreign country

Re: Inheritance in foreign country