foreign inheritance in foreign bank

Forum|Forum|7 years ago
October 9, 2018
1 reply
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I have a foreign bank account under my name that contains inheritance for my mother from my uncle. amount is 69K -77K. not sure, must check exchange rate. How do I file this information without being taxed.

Kiki

Level 5

You need to report to the IRS when the foreign inheritance is over $100,000. You mentioned that it's $69k-$77k so you don't need to report to the IRS or do anything at all. But you may need to report fbar/fincen 114, also, include any interest made in your bank account in tax return. If it's over $100k, then you need to report form 3520, due is Apr 15, same as Tax return. But you can't e-file 3520 like Tax return. You need to mail 3520 to the IRS separately from tax return.

You said that " contains inheritance for my mother " Is this inheritance (money) your mother's? Even it's not your money and your mother's, you still need to file 3520 if inheritance is over $100,000 since it is in your bank account under your name. All money in the bank account under your name is yours! unless you have very very good evidence to prove, but it's very rare to be accepted for the IRS. I had bitter and painful experience a few years ago.