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Old 01-16-2017, 04:51 PM
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Inheritance from overseas

Hello

I inherited around 150K from overseas and if transfer that money to my US bank account, do i need to pay tax? I'm not a citizen but have a greencard and a SSN...and my dad was not a US citizen, so there is no SSN or any registration IRS can look up. I do Have a SSN and greencard though

I live in TX - no state income tax

Thank you



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Old 01-16-2017, 10:09 PM
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I inherited around 150K from overseas and if transfer that money to my US bank account, do i need to pay tax? ======>No not at all. Your dad must I guess pay estate tax to his taxing authority(ies) in his country.

I'm not a citizen but have a green card and a SSN...and my dad was not a US citizen, so there is no SSN or any registration IRS can look up. I do Have a SSN and green card though====>As said, you are a US resident, A green card holder; neither you nor your dad needs to pay estate tax in US however, you must file form 3520 with the IRS; since you received a gift or bequest from a foreign person or estate of at least $100K, you will be required to file form 3520, completing the top identification section and Part IV.; This list of who is required to file IRS Form 3520 can be quite confusing to the non-tax professional. This is why you need an international tax expert on your side.plz contact an Enrolled Agent or a CPA doing taxes in your local area for professional help



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