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What Happens if You Inherit Money from Another Country?

Suppose you inherited money from another country. Well, what happens next? If you’re an American citizen living in the United States or overseas, there may be several forms you have to fill out. Besides that, your responsibilities are few. That being said,...

Is an Inheritance from Canada Taxable in the U.S.?

American expatriates and relatives of Canadian citizens alike may wonder: will my Canadian inheritance be taxable in the United States? Knowing the protocol for receiving a foreign inheritance as an American citizen is important to avoid unnecessary penalties and...

What Happens if a U.S. Expat Files Their Taxes Late?

So, you live abroad. After moving to a foreign country and getting adjusted, you might realize that you’ve neglected your taxes. Or, you didn’t know you still needed to pay them. Knowing what happens if a U.S. expat files their taxes late can help you...

How Do I Report Foreign Inheritances to the IRS?

Receiving an inheritance isn’t always simple, especially when it’s from a foreign relative or loved one. That being said, foreign inheritances do have an upside; they’re non-taxable, depending on certain variables. Despite that fact, you still need...

Do Green Card Holders Pay Taxes on Foreign Inheritances?

Getting your green card is exciting. It provides an opportunity to explore the United States and become a member of the global community. That being said, learning how the U.S. Tax Code applies to you can be confusing. Taking it step by step can make it easier to...

Do You Need to Report a Foreign Inheritance to the IRS?

Receiving an inheritance doesn’t mean you can just transfer a large sum of money to your bank account, especially if you’re an American expatriate. While you might not be taxed on a foreign inheritance, you will most likely need to report it to the IRS....
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6 Common Taxpayer Mistakes