Reporting Foreign Inheritances and Bequests - A Refresher!
Photo by Pixabay: https://www.pexels.com/photo/behringer-architecture-building-church-208360/ We used to think that inheritances/ gifts were something that were only for the super wealthy. Then the book "The Millionaire Next Door" came out & our ideas around who is wealthy and what that meant changed. Now we see an increasing number of grandparents gifting their money to help out the grandkids. We are mostly familiar with gifting and inheriting money in the U.S. context. The U.S. annual exclusions for gifting are lower ($18,000/ year/donee in 2024), but the lifetime exclusions are so high at this time, that many in their lifetime will never pay gift or estate taxes. Note: Unless these exclusions are lowered by Law, at the time of publication in 2024, lifetime estate & gift tax exclusions are at USD 13.61 million in cash & property. In the U.S. context, gifts exceeding annual exclusions are reported by the giftor on Form 709. What does this look
