Foreign inheritance

Forum|Forum|3 years ago
November 16, 2022
1 reply
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We recently had a parent die who lived in Spain. We know we have to set up an F-Bar. Any other tips?

RSUMan

Employee Tax Expert

Threshold question: Was the parent an American citizen?

The United States is one of the few countries that asserts the right to tax its citizens on worldwide income.

If the parent is an American citizen and the estate is very large, there may be an estate tax issue.

If the parent is a Foreign National and clearly not resident in the United States, then the only issue you have is a reporting requirement if the bequest to you exceeds $100,000.

The reporting is done by filing Form 3520 Annual Return to Report Transactions with Foreign Trusts and receipt of Certain Foreign Gifts.

Foreign inheritance

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