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Returning Member
posted Feb 22, 2024 7:52:14 AM

Do you have to report money that you received from a deceased relatives foreign property on your taxes?

So, my father passed away many years ago and he had property in Portugal that was sold by his other family members and the money was sent to us here in the USA. The amount was around $30,000 USD that we had received from the sold property. My question is, would I have to report that on my taxes or no? 

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1 Replies
Level 15
Feb 22, 2024 7:56:55 AM

The funds that you received were a gift and gifts received are not reported on a tax return.

Additionally, since the gift was sent by a nonresident of the US, you would only have to inform the IRS of the amount received if it was over $100,000.  So you have nothing to report to the IRS.