- Am I going to pay taxes on it?
- Should I fill another application for specifying the fact it was a gift declared abroad?
You'll need to sign in or create an account to connect with an expert.
It depends -
You will not pay any taxes on inherited or gifted money because the IRS does not consider this taxable income.
Regarding the amount of the foreign gift - there may be additional filing requirements required to report this foreign gift to that IRS. If the foreign gifts exceed $100,000 in total during the calendar tax year, you will need to file Form 3520 - gift or inheritance from a foreign person (nonresident alien). This form is not supported by TurboTax.
Additionally, you may be required to file Form 8938 - Statement of Specified Foreign Financial Assets, if your foreign assets exceed the amount threshold. This form will be included with your US income tax return filing.
Regarding your FBAR requirement -
If you have foreign bank accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) if are a US citizen or resident and::
Foreign financial accounts consist of all foreign financial accounts that you own separately or jointly or for which you have signatory authority over (such as a foreign business account that is owned by the business but for which you can sign checks or redirect funds).
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
It depends -
You will not pay any taxes on inherited or gifted money because the IRS does not consider this taxable income.
Regarding the amount of the foreign gift - there may be additional filing requirements required to report this foreign gift to that IRS. If the foreign gifts exceed $100,000 in total during the calendar tax year, you will need to file Form 3520 - gift or inheritance from a foreign person (nonresident alien). This form is not supported by TurboTax.
Additionally, you may be required to file Form 8938 - Statement of Specified Foreign Financial Assets, if your foreign assets exceed the amount threshold. This form will be included with your US income tax return filing.
Regarding your FBAR requirement -
If you have foreign bank accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) if are a US citizen or resident and::
Foreign financial accounts consist of all foreign financial accounts that you own separately or jointly or for which you have signatory authority over (such as a foreign business account that is owned by the business but for which you can sign checks or redirect funds).
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
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
trjones8231
New Member
KPD77
Returning Member
pkelly
Returning Member
pkelly
Returning Member
rie0162
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.