Submitted By: Jacqueline
Answered: July 22, 2013 11:03 am

I inherited money from my parent who died in Thailand. He was not a U.S. citizen or resident. Is this money taxable? Do I have to file any IRS form?

The inheritance is fully tax free, regardless of amount. You do not have to report the inheritance on an income tax return or any other form.

Tax Glossary

Section 1231 property

Depreciable property used in a trade or business and held for more than a year. All Section 1231 gains and losses are netted; a net gain is treated as capital gain, a net loss as an ordinary loss.

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