Explore BrainMass

Inheritance tax

I have an inheritance in Lebanon that is estimated around 200,000 (between cash and property). It was from my uncle who have no children. I know that inheritance of such a small amount is not taxable in the US, but what if the inheritance is from another country, like Lebanon? Does it make a difference? How about the fact that it is from my uncle? Does that make a difference?

I also would like to know what publication or proof can validate the answer.

Solution Preview

Generally, property that the US citizens receive as a gift, bequest, or inheritance is not included in their taxable income according to IRS. However, if the property that they receive this way later ...

Solution Summary

This solution is comprised of a detailed explanation to answer the request of the assignment of more than 100 words of text with references.