What is the name of your state? CA
My wife's great uncle died this year in Taiwan and left approximately $350,000 to her. She is now a US citizen. When we transfer the funds to the USA what is the proper procedure in order to legitimately declare the money as inheritance and not a "gift"? Are there dollar limits on an individual transfer and does it matter that a "great uncle" is not a direct relative?
I don't want her to incur a tax liability since the money is inherited and thereby non-taxable.What is the name of your state?
My wife's great uncle died this year in Taiwan and left approximately $350,000 to her. She is now a US citizen. When we transfer the funds to the USA what is the proper procedure in order to legitimately declare the money as inheritance and not a "gift"? Are there dollar limits on an individual transfer and does it matter that a "great uncle" is not a direct relative?
I don't want her to incur a tax liability since the money is inherited and thereby non-taxable.What is the name of your state?