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Submitted By: Alex
Answered: July 23, 2013 8:30 am
Answered: July 23, 2013 8:30 am
My wife inherited money from her father in Syria. Is this taxable to her?
No. An inheritance, regardless of amount, is tax free to the heir. It does not matter whether the person who died was a U.S. citizen or a foreign national.
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Tax Glossary
Amount realized
A statutory term used to figure your profit or loss on a sale or exchange. Generally, it is sales proceeds plus mortgages assumed or taken subject to, less transaction expenses, such as commissions and legal costs.
