Inherited property (even foreign inheritance property) usually is not subject to tax, particularly if it is cash.
If you inherit any form of investment property (cash or stocks) that pays interest or dividends, then the interest or dividends is taxable .
If you sell inherited property (e.g. a house or stocks), then you will pay capital gains tax.
One thing to remember is that if you have bank accounts and property outside the US, you may need to file Form 8938 - Statement of Specified Foreign Financial Assets and an FBAR report as well.
The link below has more information: https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-a...
Inherited property (even foreign inheritance property) usually is not subject to tax, particularly if it is cash.
If you inherit any form of investment property (cash or stocks) that pays interest or dividends, then the interest or dividends is taxable .
If you sell inherited property (e.g. a house or stocks), then you will pay capital gains tax.
One thing to remember is that if you have bank accounts and property outside the US, you may need to file Form 8938 - Statement of Specified Foreign Financial Assets and an FBAR report as well.
The link below has more information: https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-a...