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The Tax Luck of the Irish

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in Small Business Tax

Q  My husband received an inheritance from a relative in Ireland. Is this taxable?

A  No. As with inheritance from relatives in the United States, inheritances received from abroad are tax-free. However, your husband generally will be required to report the amount received on Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, for 2008. The failure to report inheritances or gifts from foreign sources may result in penalties.

Tip: Find Form 3520 at

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