Income abroad

Forum|Forum|7 years ago
March 10, 2019
2 replies
21 views

Hi, I'm a foreign national that works here in the states, my dad passed away and left us an inheritance. That money has created some interest that is being deposited in a bank account in the countrty I am from , can you please let me know if that would be consired income and subjected to taxes too?. I don't use that money here in the states at all nor have an easy way to bring it over, so I don't know what to do?

Sergio.

pk_

Level 15

Need to know more about your immigration status ( visa type, when you entered USA etc. )

This is because is you are a Resident for Tax Purposes ( i.e. satisfied the Substantial Presence Test ), then your world income is taxed by the USA. Any gains that you receive as part of the inheritance is taxable income. By this I mean , while the original inheritance (your share thereof ) is not taxable and capital gain ( while disposing the property ) if passed on to you would be taxable. There are few more ands/ifs and buts -- suggest you first tell me about your immigration status and the country you are from, please

destroAuthor

Level 2

I'm from Mexico and I'm on a TN visa. I read somewhere that there was a limit of the taxable abroad income you have and it's 90,000?, I'm not really making that much but I hate to get double taxed, the money I made already paid taxes in Mexico and now I have to pay taxes here?, thanks for your attention to this question