EP 25: Like Manna From The Heavens! What To Do If You Receive a Gift or Inheritance From a Foreign Person?
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Description
If you receive a gift or inheritance from a non-US person, you have specific reporting and tax obligations before enjoying your gift. In this solo episode, Manasa details the thresholds,...
show moreIn this solo episode, Manasa details the thresholds, reporting forms, and tax implications based on the type of gift or inheritance.
Different thresholds apply depending on the type of gift or inheritance, such as $100,000 for gifts from non-US citizens and no threshold for gifts from foreign trusts.
She discusses some forms, like Form 3520, that may need to be filed to report foreign gifts or inheritances.
She also points out possible tax consequences that may arise if the gift is from a covered expatriate—it’s not business as usual.
One thing she points out is to watch out for possible tax obligations in the country where the event occurs – that needs a tax professional (in that country) to figure out.
Tax treaties may help avoid some possible double taxation.
Resources
Ep 22: What Is English For "Covered Expatriate"
Ep 13: Between A Rock And A Hard Place: A Guide To Mitigating Double Taxation
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The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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Information
Author | The International Money Cafe |
Organization | MANASA NADIG |
Website | - |
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