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Windfall inheritance (international to USA)

Posted: Sun Jul 21, 2019 6:30 pm
by G3VALD1G
A wealthy family relative which lived in Europe passed away over the weekend. We were told that some of my siblings are included in the will. We know that it'll be a significant sum, million+. We were also told that the majority of the wealth is in securities. And that the financial institution holding them will force the American citizens to take them abroad instantly as soon as the will goes through.

Any comments, experience and advice is appreciated. We need guidance tax wise and procces wise.

Is such a thing taxed on the USA? What's the process of transferring the securities?

#askingforafriend

Re: Windfall inheritance (international to USA)

Posted: Sun Jul 21, 2019 6:59 pm
by codedude
g3vald1g,

There should be no US tax for the US recipients. The recipients may need to file Form 3520 informing the IRS of the receipt of a foreign inheritance if the amount is above a certain threshold (I think this is $100000) though you need to check the Form 3520 instructions).

Thanks.