Foreign inheritance questions if anyone here knows

[bmcgonig]

You may have to pay inheritance taxes in the country in which your relative lives. E.g., if your relative lives in Ireland you would have to pay taxes if the amount exceeds the following:

1) €310,000 (since Budget 2017 to date) where the recipient is a child, or minor grandchild of the benefactor, if the parent is dead. In some cases this threshold can also apply to a parent, niece or nephew who have worked in the family business for a period of time.

2) €32,500 where the recipient is a parent, brother, sister niece, nephew or linear ancestor/descendant of the benefactor.

3) €16,250 in all other cases

[cyber888]

Anything above $100,000, you report to the IRS. There are no taxes as a receiver of gifts

[Meadbh]

Quote:

Originally Posted by bmcgonig You may have to pay inheritance taxes in the country in which your relative lives. E.g., if your relative lives in Ireland you would have to pay taxes if the amount exceeds the following: 1) €310,000 (since Budget 2017 to date) where the recipient is a child, or minor grandchild of the benefactor, if the parent is dead. In some cases this threshold can also apply to a parent, niece or nephew who have worked in the family business for a period of time. 2) €32,500 where the recipient is a parent, brother, sister niece, nephew or linear ancestor/descendant of the benefactor. 3) €16,250 in all other cases

Also, tax rules change from time to time, so make sure you have current information. In 2005 I had an inheritance from my Irish mother. It was larger than the amount in 1), but as the limits were higher then, I did not have to pay any tax on it.