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What are EY ITTS hours like in hcol city?
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What are EY ITTS hours like in hcol city?
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Mentor
Well, the value would technically be "gifted" to you, but I'm not sure how the gift tax works if it's foreign property.
Other situation - if it generates income as a rental, you would have taxes on it in that foreign country
Lastly - you may have foreign taxes like a property tax, etc.
it looks like there is a threshold of $100,000 for having to report an inheritance from a foreign relative
If the value of the house is greater than USD 100k, you have a form 3520 filing requirement with a March 15th of following year deadline.
I am not sure, i will have to confirm but I don't think the value of the house to be more than 100K USD. That is a lot of money in the other country.