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Submitted By: Alex
Answered: July 23, 2013 8:30 am
Answered: July 23, 2013 8:30 am
My wife inherited money from her father in Syria. Is this taxable to her?
No. An inheritance, regardless of amount, is tax free to the heir. It does not matter whether the person who died was a U.S. citizen or a foreign national.
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Tax Glossary
Section 1231 property
Depreciable property used in a trade or business and held for more than a year. All Section 1231 gains and losses are netted; a net gain is treated as capital gain, a net loss as an ordinary loss.
