QUESTION
Do I owe tax on this Canadian inheritance in the US?
Asked on Apr 21st, 2014 on Taxation - California
More details to this question:
I am receiving an inheritance from my aunt in Canada. She passed almost 3 years ago but the government just released the estate (all taxes, etc. were paid). I will be receiving about $58,0000 (I assume in Canadian funds). Thank you.
1 ANSWER
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If the amount you receive includes net income earned after her death, then you'll need to report that as income. Probably, it will be little or nothing. You may even get a net deduction.
Answered on Apr 23rd, 2014 at 2:04 PM