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Old 12-15-2017, 05:00 PM
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Inheritance from a non US citizen to a US citizen

I have an inheritance from my father who is not a US citizen. He lived overseas and the source of the inheritance came from the sale of a house that the family owned. The house was overseas also. I am a US citizen living here for 40 plus years.

My cousin was the executor of the will. He sold the house and divided the revenues and sent everybody their share. Equal share to my brother, myself, and two cousins.( Uncles son and daughter)

It is my understanding that i need to report the funds to the IRS by filling form 3520 when I file my tax returns.
Do I have any other obligation or other forms to file?
Appreciate your help, thank you.
MSK



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Old 12-15-2017, 11:12 PM
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Join Date: Oct 2010
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It is my understanding that i need to report the funds to the IRS by filling form 3520 when I file my tax returns. ========>Correct;aslongas you received a gift / 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.


Do I have any other obligation or other forms to file?
======>you need to file form FinCEN Form 114 if you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds of $10K.



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