I inherited money from a Brazilian relative , I live in the US. Do i have to pay taxes?

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I inherited money from a Brazilian relative , I live in the US. Do i have to pay taxes?

2007-09-24 08:43:32 · 2 answers · asked by hoppi 1 in Business & Finance ➔ Taxes ➔ Other - Taxes

2 answers

Federal: No. Depending upon the amount you may need to file a Form 3520 http://www.irs.gov/pub/irs-pdf/f3520.pdf informational return. Failure to file the 3520 can get very expensive. Here's a link to the instructions: http://www.irs.gov/pub/irs-pdf/i3520.pdf

State: Maybe, if the state has an inheritance tax.

2007-09-24 13:52:24 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋

If I get gift from a relative from europe to USA, do I have to pay taxes? (around $120k)

2007-09-25 13:37:55 · answer #2 · answered by pala 1 · 0⤊ 0⤋