Have inherited 20k euros from mother's estate(ins).should i open euro bank acct or bring here as dollars.tax??

Question

need to know tax quest.,if you bring euros here(us)as $$.There are no inhert. tax .Which bank(us)would be right for the transfer from euros to$$.in usa.

Answer 1

I have no suggestions on Euro bank account.  Personally I would have the money wired from the estate to the US account.  It's simplier to manage if it's here.

If you do open a Euro account, please realize that if you are US citizen or resident alien, you must file form TD F 90-22.1 each year that you have a non-US bank account with $10,000 or more in it at any time during the year.

Answer 2

Consult a bank officer.  There are currency laws that must be observed and probably fees.  The rate of exchange varies from day to day but usually not enough to make any difference.  Note that the bank officer will have a vested interest in having you transfer funds to his bank in us $

Answer 3

Ask at your bank how they can accomodate you. There may be a currency conversion charge.

Answer 4

I am assuming that your mother was not a US citizen.. If that is the case, then if the money you are bringing into this country is less than $100,000, then you need to do nothing. If the amount you are bringing in to the country is $100,000 or more, then you need to report this to the IRS on Form 3520 (Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts) under Part IV of the form. There will be no taxes due on the money, it is simply a reporting requirement.

I have included for you the IRS Form so that you may look at it and familiar yourself with it.

Good Luck

http://www.irs.gov/pub/irs-pdf/f3520.pdf