ILLMAS Posted December 8, 2010 Report Share Posted December 8, 2010 TP recieved an inheritance from a family member, the trust was created in switzerland or his held in a swiss account. The will states that the TP is to recieve an X amount of money per month, TP is a US resident, and the money she is going to recieve comes from an investment account held in switzerland, I was reading the quickfinder and it seems the TP will be responsible in paying taxes on the amount she recieves. It doesn't sound like to me that this an estate or gift tax, your thoughts? MAS Quote Link to comment Share on other sites More sharing options...
Pacun Posted December 9, 2010 Report Share Posted December 9, 2010 How about line 21-other income each year since she is not getting a lump-sum distribution. Quote Link to comment Share on other sites More sharing options...
Dale in IN Posted December 10, 2010 Report Share Posted December 10, 2010 TP recieved an inheritance from a family member, the trust was created in switzerland or his held in a swiss account. The will states that the TP is to recieve an X amount of money per month, TP is a US resident, and the money she is going to recieve comes from an investment account held in switzerland, I was reading the quickfinder and it seems the TP will be responsible in paying taxes on the amount she recieves. It doesn't sound like to me that this an estate or gift tax, your thoughts? MAS Quote Link to comment Share on other sites More sharing options...
Dale in IN Posted December 10, 2010 Report Share Posted December 10, 2010 Mas: Go to the IRS web site and look for form 3520, ANNUAL RETURN TO REPORT TRANSACTIONS WITH FOREIGN TRUSTS AND RECEIPT OF CERTAIN FOREIGN GIFTS. It looks to be 6 pages. And the instructions for the form is 10 pages. I think your answer might be there. Dale in IN Quote Link to comment Share on other sites More sharing options...
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