Seeking Intl. tax attorney in NYC for inheritance advice
Oct 12th 2018, 8:50 pm
#1
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Thread Starter
Joined: Mar 2008
Location: NYC
Posts: 222
Seeking Intl. tax attorney in NYC for inheritance advice
Does anyone have an recommendations for an international tax attorney in NYC? I'm soon to receive a large inheritance from a British relative and want to make sure I have a plan in place so I don't trip over any IRS reporting rules.
In short, my current plan is to open an offshore account (Barclays International) to hold the bulk of the inheritance in sterling, pending a more favorable exchange rate, since I no longer have a UK bank account, but that brings its own FACTA issues that potentially complicate the form-3520 inheritance reporting thing. I've no idea if this is the best, or even a good, plan, so am after some professional advice.
Any leads appreciated.
In short, my current plan is to open an offshore account (Barclays International) to hold the bulk of the inheritance in sterling, pending a more favorable exchange rate, since I no longer have a UK bank account, but that brings its own FACTA issues that potentially complicate the form-3520 inheritance reporting thing. I've no idea if this is the best, or even a good, plan, so am after some professional advice.
Any leads appreciated.
Dec 9th 2018, 1:07 pm
#2
Forum Regular
Joined: Oct 2005
Posts: 134
Re: Seeking Intl. tax attorney in NYC for inheritance advice
There’s no federal inheritance tax, but check your state to see whether it has its own state inheritance tax.
Your only reporting requirements are the form 3520 to the IRS of receipt of foreign gift if in excess of $100k. If opening an account in the UK then you’ll need to declare the account on your annual tax return as well as file an FBAR, and declare to IRS any income generated on the account.
Your only reporting requirements are the form 3520 to the IRS of receipt of foreign gift if in excess of $100k. If opening an account in the UK then you’ll need to declare the account on your annual tax return as well as file an FBAR, and declare to IRS any income generated on the account.
