Foreign Inheritance

[Duane Anderson]

A US citizen and taxpayer inherited $100,000 from his parent estate in Iran....Is this taxable because of the source of the funds or is it non taxable like a normal US inheritance?

Thanks,,,Duane Anderson

[Burke]

You follow the same rules as any other taxpayer would when receiving a distribution from an estate. Principal is not taxable. Interest, earnings on annuities, etc., etc. are. As far as Iranian taxes and their laws, can't help you there.

[Gary2]

Look at Form 3520, as well as the 8938 and FinBAR.

[Roland Slugg]

Look at Form 3520.

Yes ... in particular item 4a under the caption "Who Must File."

[JON]

Not an expert

but had a client whose father in Europe gifted money to son here and there was some tax/? he had to pay here.