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Money and Finances
Reply to "Inheritance/gift reporting"
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[quote=Anonymous]A close relative in a foreign country passed away recently and we are set to inherit some assets.. Based on what our lawyer there said and our travel schedule, we will be able to liquidate and transfer financial assets to our names by the end of this year (Value of about $80K). Real estate transfer won't happen until sometime next year (our share valued at about $50K). How do we handle Form 3520 reporting (which expects us to report more than $100K in gifts or inheritance from a non-resident)? Actual receipts for each year would be less than the threshold but combined, exceed. And yes, we will be getting an accountant to deal with this but not yet.[/quote]
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