I inherited money from a relitive who lives in another country do ihave to pay taxes if they sent it all in cash?

Similar questions: INHERITED MONEY RELITIVE LIVES COUNTRY IHAVE PAY TAXES CASH.

No, you don't have to pay taxes on inherited money No INCOME tax is due on the inheritance. So far, one of the few free things in life...my children and grandchildren received money from their grandfather/greatgrandfather when he died and no income taxes were due. Likewise when my mother died, the children, including myself, did not have to pay taxes, confirmed by my accountant.

See wwwebtax.com/income/gifts_bequests.htm It also has links to the IRS site, and the IRS is the best source for all inquiries, although sometimes it takes a lot of poking around. The IRS website is irs.gov/ Look for publication 950. irs.gov/pub/irs-pdf/p950.

Pdf There may be other taxes due (e.g. , estate taxes) to the country where your relative lived, but you are not responsible for that. Ladylucky's Recommendations J.K. Lasser's Your Income Tax 2008: For Preparing Your 2007 Tax Return (J.K. Lasser) Amazon List Price: $17.95 Used from: $11.02 Average Customer Rating: 4.5 out of 5 (based on 6 reviews) J.K. Lasser is usually a good resource--but try the free IRS website if you just have that one question on inheritances..

It depends on the amount. First of all it depends on the relationship between you & the decedent. Second, it depends on the amount of money inherited.

I believe the gift amount has been raised to $12,000 tax free. You owe taxes on money received, not on the manner of receiving it. In other words, you owe on the total received, not just if it came by check, or money order, or lets say the value of the painting or other property.

Cash is not as easy to trace. But US law requires banks to report cash transactions over $10,000 & the US has leverage on some foreign banks. I would recommend a tax preparer, if it is over $12,000..

RUN LIKE HELL! And do NOT, repeat NOT! , respond.

The way this usually works, you receive an official-seeming instrument which you deposit; the bank even accepts it; you send/wire/whatever the required fees; then BANG! A while down the road your bank tells you the deposited item wasn’t honored and is being reversed. But your money is gone.... A legitimate inheritance is not something you should have to pay to receive.

Anything owed is deducted before you get the money. And remember, you can usually get a free consultation from most American attorneys, or pay a minimal fee. Just search for a tax attorney in your local area.

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No. In general, no. There are taxes that kick in if you inherited a huge amount, but that's not likely if they sent cash..

I think it depends If it's a substantial amount of money, and you need it here, your best bet is to consult with an Tax accountant or a tax lawyer. If it's not, perhaps you should leave it there and spend it on a vacation.

" "Do I have to pay taxes on money inherited from another coutry.

Do I have to pay taxes on money inherited from another coutry.

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