I am a US citizen who inherited cash asset of $300K from my father this year. My father is a citizen of Bangladesh and his money is not related to US or US law in any way or manner. According to IRS law, do I have to pay any tax on this cash asset?
There’s no tax on a foreign cash inheritance, but there are definitely some reporting requirements. FBAR, Form 3520, and FATCA are just some of the reporting requirements you may have.
-Law Office of Kunal Patel, LLC