What are the tax consequences in receiving Canadian (18,000 usd) from aunt's who passed away?

Dan8tax
Dan8tax Member Posts: 4 Newcomer
in Situation & Life Changes

What are the tax consequences in receiving Canadian dollars (18,000 usd) from aunt's who passed away?

Tagged:
· Share on Twitter

Answers

  • CoryF
    CoryF FreeTaxUSA Agent Posts: 115

    Thank you for joining our community, Dan8tax.

    The IRS does not impose taxes on the foreign inheritance as long as you are a U.S. Citizen. However, you will want to research to see if your state requires you to declare the income on the upcoming 2024 tax return.

    · Share on Twitter
  • Dan8tax
    Dan8tax Member Posts: 4 Newcomer

    Will New York have an issue?

    · Share on Twitter
  • PhillipB
    PhillipB FreeTaxUSA Team Posts: 69

    Hello,

    I do not see any New York requirements for foreign inheritances, and most states do not have any filing requirements like the IRS requirement to file Form 3520 if the foreign gift or inheritance exceeds 100,000 dollars. However, I am not a New York tax practitioner and we do not have any New York practitioners on staff, and so you may want to contact a local enrolled agent (EA) CPA, or the NYS Department of Taxation and Finance to be sure.

    Let us know if there are additional questions or concerns.

    · Share on Twitter

Categories