🔺 r/personalfinanceu18inchalloys·39 days ago
Inheriting $20k from my mom in the Philippines — how do I get it to the US, and do I owe taxes?
My mom passed away last year in the Philippines. I recently found out that I’ll be receiving around $20,000 USD from her estate. I live in the US now. I’m a US citizen, my wife is also a US citizen, and our two kids were born here. I’m not sure if any of that actually matters for this situation, but I figured I’d mention it. I honestly don’t really need the money, but since it’s part of my mom’s estate, I obviously want to handle it properly. I’m wondering how this works when the inheritance is in the Philippines but I’m living in the US. Can the estate just wire the money directly to my US bank account? Is there a better way to transfer it? And probably my biggest question: am I going to owe any US taxes on the $20,000? I’ve read conflicting things online and I’m not sure what applies when the inheritance is coming from another country. Are there any forms I need to file with the IRS because the money is coming from the Philippines? Does the Philippine estate have to deal with taxes or paperwork before the money can be sent over? If anyone here has gone through something similar — inherited money from a parent in the Philippines while living in the US — I’d really appreciate heari…