can anyone make sense of our tax laws? HELP

[historian]

I discovered that i had an inheritance from my grandmother in Brazil. The building had been sold, and my share, after expenses, was approx 50.000. This is being sent to my us account but its going to add a huge tax burden on me. The property was built in 1930 and there is absolutely no way of knowing whether it has increased or decreased in value since Brazil has changed its currency times since then and n the 1970's went through a period of inflation of over 1000%! Does anyone know whether this taxable? I have gone through all the forms i can via the irs but cant find anything relating to this. A thousand blessings on anyone who can help with this. Thanks again.

[Skittles]

1. delete your email address from your post and offer it in a DU mail

what I would suggest is hiring a CPA - I did that when I became confused over my mum's estate - a CPA can be pricey but I felt like I bought peace of mind that I did not underpay or overpay

[historian]

4. ok thanks

Im not sure how to that. can you tell me how pls?

[Skittles]

5. looks like you did it

I was just concerned because there are a lot of nutcase trolls on DU and you don't want them spamming you

[historian]

6. yes thanks a lot

I should have thought of that.

[elleng]

2. For a start:

http://www.sfgate.com/business/article/Inheritance-usually-not-taxable-to-recipient-2749568.php

Best.

[dems_rightnow]

3. No, inheritances are not taxable

Inheritances are not taxable at the federal level. It's possible your state has an inheritance tax. Or Brazil may. But not the IRS.

[joeglow3]

7. Typically, inheritances are only taxable to the estate

And the lifetime limit is over $5mm. Any tax filing is the obligation of the executor of the estate. Given that you were not given appreciated property (i.e. you were given cash), there should be no tax obligation for you.

Oh, and I am a tax CPA (although I have worked for a private corporation for 5 years now). I have kept my license active - I worked too damn hard to get my CPA to let it lapse.

[historian]

9. thank you joe

Very kind of you. My daughter is in the same mess. She is an attorney and hates every moment of it but she also worked too hard for her license to give it up now. Thanks again.

[TheKentuckian]

8. God, by definition and the Vogans have a working knowledge from some accounts.