Receiving Foreign Gifts and Inheritance

Receipts of foreign gifts and inheritances by U.S. residents carry with them the potential for both IRS disclosure obligations as well as potential U.S. tax obligations.

When a U.S. person receives a gift or inheritance from a non U.S. person or estate in excess of various threshold amounts, the recipient must disclose the transaction to the IRS on an informational form.

Once the disclosure issues have been addressed, the transaction must be reviewed to determine if there are any U.S. tax considerations.

Our experience in this area extends over many years of working with internationally based families and their descendents.   As trusted advisors, we work closely with these families over many years to insure that they comply with the informational forms,filing deadlines, and at all times stay legally compliant with the absolute minimum possible exposure to tax payments and penalties.

At Christopher J. Byrne PLLC, matters of international taxation are what we do.  Please call us immediately for a consultation on your cross border tax issue.

To contact Christopher J. Byrne PLLC

(212) 239-1931

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