Do i pay taxes in NYS on the money from a property sold in Ecuador which i inherited from my deceased father?

Question

Do i pay taxes in NYS on the money from a property sold in Ecuador which i inherited from my deceased father?

Answer 1

You can try looking at the state of New York's official website to see if there is anything there about inheritance tax but honestly, I don't think Ecuador is going to report anything here so I don't think I'd report it.  You could maybe try calling a local CPA and ask them about it.

Answer 2

There is no "inheritance tax in the state of New York nor is there a Federal inheritance tax.  If you acquired the property at the date of death for your father and it gained in value before you sold it there would be tax on that gain.  It is very likely true that there is very little chance that the IRS will learn of the sale.  That however does not negate your responsibility to report it.