Hi - great forum, I hope someone has experience with this situation.
I have lived in the UK full time since 2003 (indefinite leave) and hold a US passport. I have been divorced from my British spouse for several years, and we never filed together anyway.
I do not have a registered US address and do not use my existing parent's abode for any reason because we are estranged (and I am in my 50s!).
in 2015 I inherited some money from the passing of some relatives, in two different states. I have no further attachment to either property/estate etc., as they were sold off and all proceeds distributed.
The proceeds for one went to my UK bank through an estate planner in the US, the other was handled by a firm that insisted I have a USA bank account so I had to open one just for that reason.
My questions are several:
1) Do I need to report on the sums going into both or either of the US / UK bank accounts?
2) What are the thresholds for me to notify the US tax authorities on these disbursements?
3) Is it safe to assume the estate planners 'paid' the tax on these before they were disbursed or will I end up owing money?
4) Are they considered in a lump sum for the year, (federal level) or handled at the state-level (e.g., I need to see what the law re: inheritance taxes are in the 2 states where the people died)?
It's not a fortune (relatively speaking), but several tens of thousands in each case.
I probably need a UK-based lawyer who handles these things - and a US lawyer on retainer to us as an address/POA there - so referrals are welcome!
Thanks
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