Transferring Inheritance Funds from a Foreign Source

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Post Reply
InvestoGuy
Posts: 164
Joined: Thu Feb 11, 2010 1:34 pm

Transferring Inheritance Funds from a Foreign Source

Post by InvestoGuy » Thu Sep 28, 2017 4:05 pm

Hello,
I am a US citizen and recently received some inheritance from parents who live in India. The money is currently sitting in an Indian bank in a NRO account.

1. What is the most tax efficient way of transferring this to the US?
2. Generally speaking, what are my tax liabilities and what strategies should i use to minimize my tax bill?

Regards,
Thanks.

TedSwippet
Posts: 1664
Joined: Mon Jun 04, 2007 4:19 pm

Re: Transferring Inheritance Funds from a Foreign Source

Post by TedSwippet » Thu Sep 28, 2017 6:03 pm

InvestoGuy wrote:
Thu Sep 28, 2017 4:05 pm
2. Generally speaking, what are my tax liabilities and what strategies should i use to minimize my tax bill?
The US taxes gift and bequest recipients only in very limited circumstances and which very probably do not apply here. If over $100k you do have a tax reporting requirement though, form 3520. Potentially also something similar for your state.

No clue on anything to do with the Indian side of things.

tenkuky
Posts: 351
Joined: Sun Dec 14, 2014 4:28 pm

Re: Transferring Inheritance Funds from a Foreign Source

Post by tenkuky » Thu Sep 28, 2017 7:29 pm

And there is a $ 100,000 limit per fiscal year (April-Mar) for Indian resident to outward remit for specific purposes (like "maintenance of family members abroad"). The Indian resident needs to confirm whether this needs any documentation/forms with specific codes to fill out to submit to the outward remitting bank/entity.

Post Reply