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Inheritance question - Form 3520

Inheritance question - Form 3520

Old Feb 2nd 2007, 6:29 pm
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Default Inheritance question - Form 3520

My wife recently received an inheritance following the death of an English relative. Researching the US tax implications I have been assured by the IRS that no federal taxes will levied on the inheritance but, since it is over $100,000, we will need to fill out a form 3520 - 'purely for informational purposes'. Has anyone on the forum ever filed this form and if so were they subjected to any (nasty) suprises?
Thanks.
Vic Norman.
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Old Feb 2nd 2007, 8:00 pm
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Default Re: Inheritance question - Form 3520

Originally Posted by victor norman View Post
My wife recently received an inheritance following the death of an English relative. Researching the US tax implications I have been assured by the IRS that no federal taxes will levied on the inheritance but, since it is over $100,000, we will need to fill out a form 3520 - 'purely for informational purposes'. Has anyone on the forum ever filed this form and if so were they subjected to any (nasty) suprises?
Thanks.
Vic Norman.
http://www.thisismoney.co.uk/help-an...&in_page_id=90

Have a look at this page it may help? yes I know its the UK Inheritance tax but there may well be links on there that can help you.
I am in the same boat so lets hope some bright spark can help us out as I am lost also.

I think a visit to a good financial advisor may be the best bet.

Last edited by Poppy girl; Feb 2nd 2007 at 8:03 pm.
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Old Feb 2nd 2007, 11:39 pm
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Default Re: Inheritance question - Form 3520

Originally Posted by victor norman View Post
My wife recently received an inheritance following the death of an English relative. Researching the US tax implications I have been assured by the IRS that no federal taxes will levied on the inheritance but, since it is over $100,000, we will need to fill out a form 3520 - 'purely for informational purposes'. Has anyone on the forum ever filed this form and if so were they subjected to any (nasty) suprises?
Thanks.
Vic Norman.
Have you checked the IRS website to see if there are any "notes" or some such page to accompany the form?


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Old Feb 4th 2007, 11:25 am
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Default Re: Inheritance question - Form 3520

You may have misunderstood my question NC Penguin - there's a 12 page instruction manual that comes with the form, so filling it in is not the problem. My concern is what sort of pandora's box might be opened by filing it....
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Old Feb 4th 2007, 5:25 pm
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Default Re: Inheritance question - Form 3520

Originally Posted by victor norman View Post
You may have misunderstood my question NC Penguin - there's a 12 page instruction manual that comes with the form, so filling it in is not the problem. My concern is what sort of pandora's box might be opened by filing it....
Vic Norman.
I suggest looking for a message board that specializes on US tax issues. Alternatively, get a consultation with a US tax consultant.

BTW, have you got anything to hide?


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Old Feb 4th 2007, 5:57 pm
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Default Re: Inheritance question - Form 3520

Originally Posted by NC Penguin View Post
I suggest looking for a message board that specializes on US tax issues. Alternatively, get a consultation with a US tax consultant.

BTW, have you got anything to hide?


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Its a tax related question...everyone has something to hide
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Old Feb 4th 2007, 6:11 pm
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Default Re: Inheritance question - Form 3520

We really do have nothing to hide...but that might not stop the IRS telling us we have to prove all sorts of details about the inheritance.
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Old Feb 4th 2007, 9:06 pm
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Default Re: Inheritance question - Form 3520

Originally Posted by Rushman View Post
Its a tax related question...everyone has something to hide
Speak for yourself Rushman!


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Old Feb 4th 2007, 10:37 pm
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Default Re: Inheritance question - Form 3520

Originally Posted by NC Penguin View Post
Speak for yourself Rushman!


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Use Tax

North Carolina has a use tax on purchases made outside the State for use in North Carolina. Residents are responsible for paying the use tax on purchases for which no North Carolina sales or use tax has been charged. The use tax applies to transactions that would be subject to sales tax if the purchase were made in North Carolina. The use tax rate is the same as the sales tax rate that would apply to the purchase if it were made in North Carolina.

In the past, individuals who purchased consumer items had to complete Form E-554, Consumer Use Tax Return, to report and pay their use tax on these items. Beginning with the 1999 tax year, individuals who are required to file an Individual Income Tax Return must report and pay the use tax on those returns. Individuals who are not required to file an Individual Income Tax Return should continue to report and pay the use tax on Form E-554. Businesses must register and file Form E-500, Sales and Use Tax Return, to report and remit use tax due on items purchased for use in their business.
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