Do I have to pay inheritance taxes?

Question

My father will be leaving me about 6 million dollars (land/personal wealth) from his lodging business. We're from Poland but I now study in the US. Given that I plan to stay in the US permanently (I'm a dual citizen - both for US and Poland), how should the transfer of money work? Should I travel to Poland to manage all the money first or does it not matter if I do it in the US? Do I have to pay taxes on this matter in the US? Thank you in advance.

StephenWeinstein · Answer

The U.S. does not have a nationwide inheritance tax.  Some states have a statewide inheritance tax, but most don't.  If you live in one of the few states with an inheritance tax, then you may have to pay it.  If you live in one of the many states without an inheritance tax, then you don't have to pay it.

tro · Answer

as a US citizen you are taxed on world wide income, if your country deems this inheritance as income it will be income to the US as well
you are not inheriting this money in the US unless you have established a residence in the US, being a student does not necessarily make you a resident
some states have some form of tax on inheritance, the IRS does not
however you do have to claim income in large amounts from a foreign country and as long as you have signatory over a financial account you will also report annually to the IRS

Stoo · Answer

If you have a 6 million dollar estate, you can hire a financial advisor and tax lawyer to figure this out.  Don't ask random idiots on the Internet - get professionals on this ASAP.

Slickterp · Answer

There is no federal inheritance tax.

curtisports2 · Answer

Far too involved to answer here. You need professional advice, and you can well afford to pay for it. Not doing so is a big mistake.

Anonymous · Answer

You absolutely file IRS form 3520.

? · Answer

Yep.  Get a lawyer.

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Do I have to pay inheritance taxes?

7 Answers