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    Foreign inheritance

    rn22
    Level 1

    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
    sjrcpa
    Level 15

    Yes on the 3520.


    The more I know the more I don’t know.
    rn22
    Level 1

    Thank you. as for whether the inheritance is taxable?

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    sjrcpa
    Level 15

    Was it just money?


    The more I know the more I don’t know.
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    rn22
    Level 1

    yes. That is all that she got.

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