Your Tax Questions Answered
Overseas Inheritance Tax
Kiplinger editorial director Kevin McCormally and fellow tax experts Peter Blank and Mary Beth Franklin tackle your most pressing tax challenges.
April 15, 2009
QUESTION: Do I need to have documents to receive cash inheritance from overseas to not get taxed?
PETER BLANK ANSWERS: Cash you receive as the heir of an estate is not taxable, even from the estate of a non-U.S. citizen.
You won't get a 1099 form from the estate, so there's noting to report to the IRS.
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Reader Comments (1)
Posted by: a.ali at 04/19/2010 01:52:53 PM
If I give appreciated stock to a relative in Canada, how do I report on my taxes--my cost basis or value at the time of gift? How does this have to be reported on Life time deduction ( of I million dollars)