Dealing with US inheritance on FBAR

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Dealing with US inheritance on FBAR


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Old 7th September 2011, 01:50 AM
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Default Dealing with US inheritance on FBAR

I'm a US citizen with dual citizenship living in Vancouver. Last year I received a non-taxable inheritance from the US (it's below $850,000). How do I show it on the 2010 FBAR as an inheritance and not income?

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Old 7th September 2011, 06:58 AM
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Depends in what form you received it. The FBAR reporting is mostly just reporting of assets - a bank account or investment account, for example. You just report whatever account or asset you put the money into. (If the money is still in the US, you don't have to report it under FBAR, since it's not a "foreign" account.)

Any earnings the account has (interest, dividends, gains) will have to be reported going forward on your US tax returns. But the lump sum you received just gets reported as whatever account you put it in. (If it makes you feel better, you can indicate on the form that it is "proceeds from an inheritance." If the IRS has any questions on the matter, they'll ask and you can reply then.)
Cheers,
Bev

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