My wife inherited a foreign bank account from her deceased father in a foreign country. Amount is greater than $10K. What obligations do we have to file our tax jointly?

apnamaq · ‎June 6, 2019

PaulaM · ‎June 6, 2019

You would file a FBAR report if your wife has a financial interest in a foreign account and the total value of all foreign accounts exceeds $10,000 anytime in the calendar year. See below FAQ on how to file the FBAR report.

There are no inheritance taxes for the federal return. You would pay taxes on any foreign income that the account earns after it was inherited. State inheritance taxes varies. Check with your state's Revenue office for their rules on inheritances.

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My wife inherited a foreign bank account from her deceased father in a foreign country. Amount is greater than $10K. What obligations do we have to file our tax jointly?