Inheritance from outside US

The IRS does not tax inheritances. Funds transferred to you from a foreign country should be documented on Form 3520.

No. See the "Payments from foreign countries" thread.

No income tax problem, but check this out with your state ahead of time. You'll probably have to pay sales tax when you first register it, and make sure that it's going to meet emissions and safety standards, etc.

-- Phil Marti Clarksburg, MD

snipped-for-privacy@hotmail.com (valentino) posted:

There is no US tax due on any inheritance, from the individual who receives the bequest -- similar to the treatment of any gift, where the recipient never is taxed on the actual gift amount. In both cases, however, any income which accrues from investment of the amount received, would be subject to income tax. The purchase of an expensive car in another country with the funds inherited, and subsequent import of that vehicle would subject you to possible import and sales or use taxes ... while the cash transfer would involve no such duties or other tax implications. Bill

Assume this also applies to gifts from abroad and funds/assets that already belong to US Citizens but which were previously kept in foreign countries. Right?

-HW "Skip" Weldon Columbia, SC

Right as to the first. As to the second it depends on when the funds were acquired and if taxes should have been paid to the US but weren't. Stu