Foreign Inheritance, Bank Accounts or Property

A recent family member passed away who was not a US Taxpayer and well-meaning they left you with an inheritance outside of the US.  Although you are grateful for the gift, you suddenly realize that neither you nor your long-time tax preparer know exactly what and how these assets need to be reported.  We do and we will help you simplify and stay compliant with any and all US tax obligations.   For our clients with Foreign Inheritance or Foreign Accounts, we look at:

• FTC (Foreign Tax Credit) eligibility and applicability
• Assess any taxes due on the inheritance
• Advise on the current year and expected ongoing FBAR and FATCA reporting requirements.
• Help locate and coordinate a tax professional(s) in foreign jurisdiction to understand your obligations