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Dealing with an Irish inheritance while living abroad

  • 14-09-2018 7:28pm
    #1
    pgmcpq
    Registered Users, Registered Users 2 Posts: 1,852 ✭✭✭


    Anyone have an experience dealing with an inheritance from abroad - specifically the US. I'm looking to minimize the overhead of transferring money to the US without upsetting the IRS. Opening a non interest bearing account at an Irish bank and transferring account to account seems like the simplest idea. Anyone ever done/considered this.


Comments

  • #2
    redhen94
    Registered Users, Registered Users 2 Posts: 10 ✭redhen94


    I've dealt with that. I decided to keep my money in a savings account in Ireland and use it when I come home. I don't have a home in Ireland now. But I visit there from time to time as I like to be in touch with my roots. The bank account is a bit of a pain. They won't let me have an ATM card. But I can go into any branch of the bank countrywide and claim some cash. Whatever I need for the time being. And that is okay by me. I'm not in the USA btw. I'm more Asia-wards.


  • #3
    pgmcpq
    Registered Users, Registered Users 2 Posts: 1,852 ✭✭✭pgmcpq


    redhen94 wrote: »
    I've dealt with that. I decided to keep my money in a savings account in Ireland and use it when I come home. I don't have a home in Ireland now. But I visit there from time to time as I like to be in touch with my roots. The bank account is a bit of a pain. They won't let me have an ATM card. But I can go into any branch of the bank countrywide and claim some cash. Whatever I need for the time being. And that is okay by me. I'm not in the USA btw. I'm more Asia-wards.

    How did you go about opening the a/c ?

    Don't really want to keep it long term as it'll complicate tax returns.


  • #4
    Pkiernan
    Registered Users, Registered Users 2 Posts: 4,310 ✭✭✭Pkiernan


    pgmcpq wrote: »
    Anyone have an experience dealing with an inheritance from abroad - specifically the US. I'm looking to minimize the overhead of transferring money to the US without upsetting the IRS. Opening a non interest bearing account at an Irish bank and transferring account to account seems like the simplest idea. Anyone ever done/considered this.

    Check this link. There are no taxes due on the inheritance or on transfer of same to a US financial institution.

    https://estate.findlaw.com/planning-an-estate/how-us-tax-rules-apply-to-inheritances-and-gifts-from-abroad.html


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