My father passed away recently. He was a very secretive guy and kept gold in a foreign safety box which we have found and divided equally among myself and my siblings... no bank account was involved and the total is under the $2 million estate limit.
However, we also have evidence that he had a foreign holding company with cash deposits in an account. We are still trying to track this down and sort it all out, but he never filed any TD 90-22.1 forms with the Treasury Department.
It looks like there was a company formed offshore with a designated foreign attorney as the legal owner but my father as a beneficiary. He sent money over post-tax - he cashed in an IRA, paid the tax and wired the money overseas - we know this much - after that it gets murkey.
So it looks like the only things he did wrong are (1) not paying tax on gains, assuming there are any and (2) not filing the TD 90-22.1. I have his tax returns and a few other letters/forms which lead us to this conclusion.
How does this affect my siblings and myself? We don't know this stuff for a fact yet, but assuming we find what we expect to, it would be perhaps $500K for each of us and I'd like to just transfer it to my account here.
We have almost no documentation... Are we liable for the actions of our father? Note that he originally sent money overseas 10-20 years ago.
However, we also have evidence that he had a foreign holding company with cash deposits in an account. We are still trying to track this down and sort it all out, but he never filed any TD 90-22.1 forms with the Treasury Department.
It looks like there was a company formed offshore with a designated foreign attorney as the legal owner but my father as a beneficiary. He sent money over post-tax - he cashed in an IRA, paid the tax and wired the money overseas - we know this much - after that it gets murkey.
So it looks like the only things he did wrong are (1) not paying tax on gains, assuming there are any and (2) not filing the TD 90-22.1. I have his tax returns and a few other letters/forms which lead us to this conclusion.
How does this affect my siblings and myself? We don't know this stuff for a fact yet, but assuming we find what we expect to, it would be perhaps $500K for each of us and I'd like to just transfer it to my account here.
We have almost no documentation... Are we liable for the actions of our father? Note that he originally sent money overseas 10-20 years ago.
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