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O
odiazcpa
Level 2
February 15, 2021
Question

Does my client have to pay an inheritance tax from an aunt that passed away in UK. the total US $120,000. Do I report anything on their 1040 tax return??

  • February 15, 2021
  • 1 reply
  • 10 views
the only think I was able to find out was that he needs to complete form 3520
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1 reply

sjrcpa
sjrcpa
Level 15
February 15, 2021

3520. Did he receive it in the US in US dollars? Or is it/was it in foreign accounts belonging to him before it came stateside?

The more I know the more I don’t know.
    O
    odiazcpaAuthor
    Level 2
    February 15, 2021

    No, he was the beneficiary of his aunts estate in UK.  The law firm in UK sent the money to his bank account here in the US.  The money was sent in UK dollars 99,999 and converted here in the US 

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