» Cryptocurrency

Bitcoin Users Beware: IRS John Doe Summons Finds Partial Support at Court

January 23rd, 2018

Posted By

Joseph R. Viola

Virtual currencies like Bitcoin have been on the rise in recent years. 2017 saw the cryptocurrency market soar to $650 billion, with some investments more than doubling in value within the year. The skyrocketing value of these assets have caught the… Read More

Categories: Cryptocurrency

Tax FAQ & Info

I received an inheritance from a non-resident alien relative who lived in a foreign country. Do I have to report this foreign money even though an inheritance in the United States is not considered "income"?

Only if the total amount you receive is valued at more than $100,000. If so, you must complete Form 3520Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts. This is separate from your income tax return filing requirement and generally will not result in taxable income provided the money is a legitimate gift or bequest.

» Cryptocurrency

Bitcoin Users Beware: IRS John Doe Summons Finds Partial Support at Court

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