I am expecting to receive a large money transfer from a bank in the Bahamas. Will the transaction be reported by my bank? The money is part of an inheritance. Do I need to report it to the IRS?
Untitled
Banks are required to report large (over $10,000.00) cash transactions.
Although you should consult a tax professional for advice on tax matters, we don't believe that the IRS requires that you report an inheritance. You may have state inheritance taxes, however, and if you sell inherited property, you may have to report to the IRS and pay taxes on any gain from the sale.
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Banks are required to report large (over $10,000.00) cash transactions. 