Though for tax advice - and you'll probably need that once the money has been transfered and invested or whatever you plan to do with it - an EA is probably the way to go. They're going to charge you to "accept" the transfer and they are going to need to get the necessary information from you anyhow. Talk to your bank - the one that is going to receive the transfer - before you go after paid advice. You're pretty much off the hook - and I suspect strongly that if there is reporting to be done to the IRS (which is part of the Treasury Dept. about a large transfer of funds into the US. It's actually the bank that has to make the report to the Treasury Dept. But one thing I forgot to include in my comments to you. kindlekitten, is your friend a certified EA?Įvidently that forum is restricted to members. I think I'm going to just bite the bullet and find an EA like scala suggested in the Miata forum. So it seems like I need to tell the treasury and also the IRS. Just for y'all's information, I asked at another forum I frequent and got another path to follow.
Just to give you an idea what may be required, when I shipped some furniture from my parents' house in the US to myself in France, I needed to have my mother's death certificate and a copy of the probate certificate to prove this was part of an inheritance. (My bet is that you won't need the translations.) Given that your bank is going to earn a nice, fat fee for doing their side of the transfer, you should be able to ask them precisely what paperwork you'll need to prove the source of the money and whether or not it's necessary to get official translations into English of any of it. It's not considered "income" - and any inheritance taxes due on the money should have been paid in Poland on release of the estate or netted out of your share of the money before you got it. (You don't need to be newly arrived in the US.) Has been in place for ages and won't cost you anything in taxes.Īs far as transferring in an inheritance, you shouldn't run into any further taxation as long as you have some sort of documents showing that it is an inheritance, and that all applicable taxes and fees have been paid on the money in Poland. There is a US law that requires that you (or the bank doing the transfer) to report all large transfers of funds into or out of the US to the US Treasury Dept (I think it is). this ain't no 5 and dime barely trained CPA. She's been through these incredible training seminars and is now what is known as a "certified agent".
retired Air Force Colonel when he lived in Mexico. our former accountant pulled a Willie Nelson on us and is in prison, but it left of us with 10 years of WTF!!!! we are in WA state and use her, the whole family Nebraska, Colorado, Florida, Maryland have all used her as well as the late father in law.
However, I'm and open minded guy, so would you please PM me her name and contact information anyway? Signing forms and such would be burdensome. I'm not sure if it will be practical to use an accountant across the country. Kindlekitten - Thanks for getting my back. Readers are sharp people, and generally friendly too. I'm posting here because I generally respect the people here. Wow, the Nigerian scammers have really ruined the internet for anyone who is just asking for honest financial advice.Īlso, the website may be dedicated to ereading, but not this particular sub-forum.
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