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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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Foreign inheritance
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rn22
Level 1
03-02-2024
09:12 AM
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Hello All
Got a client who received a foreign inheritance from her late husband's estate in Australia. The Australian attorney did not send her any tax documents.
She received over $300,000 which was deposited into her US bank account. The bank showed the transfer as a domestic transfer.
Would like to confirm if this is correct: I need to file form 3520 and the inheritance is non-taxable income.
Thank you for your guidance.
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4 Comments 4
rn22
Level 1
03-02-2024
09:22 AM
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Thank you. as for whether the inheritance is taxable?
sjrcpa
Level 15
03-02-2024
12:08 PM
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Was it just money?
The more I know, the more I don't know.
rn22
Level 1
03-02-2024
02:09 PM
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yes. That is all that she got.
