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Receiving an Inheritance from Korea: A Plain-English U.S. Tax Guide to Form 3520, FBAR, FATCA, and Bringing Money Home
Paperback
Series: Korean-American Money & Tax Guides
Investing & FinancePersonal Finance
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ISBN13: 9798173858184
Publisher: Independently Published
Published: Sep 12 2026
Pages: 120
Weight: 0.38
Height: 0.25 Width: 6.00 Depth: 9.00
Language: English
Publisher: Independently Published
Published: Sep 12 2026
Pages: 120
Weight: 0.38
Height: 0.25 Width: 6.00 Depth: 9.00
Language: English
Your parent in Korea has passed away, and money or an apartment is coming your way. What does the IRS need to know, and when? Most Korean-Americans get this wrong. Not because the tax is high (there is usually no U.S. tax on the inheritance itself) but because the reporting penalties are brutal: up to 25 percent of the inheritance for a late Form 3520, and over $16,000 per year for a missed FBAR. Written by a practicing U.S. CPA in Los Angeles who handles these cases every year, this plain-English guide walks you through: - Whether an inheritance or gift from Korea is taxable in the United States (short answer: usually not, and here is why)
- Form 3520: the $100,000 threshold, the due date, the aggregation rule that catches families, and the penalty
- FBAR (FinCEN 114) and Form 8938: when a Korean bank account, housing subscription account, brokerage account, or insurance policy must be reported
- Korean inheritance tax (sangsokse) versus U.S. rules, and why you will not be taxed twice
- Selling inherited Korean real estate: basis step-up, Korean capital gains tax, the currency problem, and the foreign tax credit
- The PFIC trap hiding in Korean mutual funds and ETFs, and what to do about inherited insurance
- Wiring the money home under Korea's 2026 remittance rules, and the structuring mistake that turns a legal inheritance into a federal crime
- Who files what when the heirs include green card holders, students, dual citizens, and relatives in Korea
- What to do if you have already missed a filing: the Delinquent and Streamlined procedures explained Includes a deadline checklist for both countries, a Korean-English glossary of the terms your family and the Korean bank will use, and a field-by-field walkthrough of Form 3520 Part IV. Facts verified against IRS, FinCEN, Treasury, and Korean National Tax Service sources as of September 2026. General information, not individual tax advice.
- FBAR (FinCEN 114) and Form 8938: when a Korean bank account, housing subscription account, brokerage account, or insurance policy must be reported
- Korean inheritance tax (sangsokse) versus U.S. rules, and why you will not be taxed twice
- Selling inherited Korean real estate: basis step-up, Korean capital gains tax, the currency problem, and the foreign tax credit
- The PFIC trap hiding in Korean mutual funds and ETFs, and what to do about inherited insurance
- Wiring the money home under Korea's 2026 remittance rules, and the structuring mistake that turns a legal inheritance into a federal crime
- Who files what when the heirs include green card holders, students, dual citizens, and relatives in Korea
- What to do if you have already missed a filing: the Delinquent and Streamlined procedures explained Includes a deadline checklist for both countries, a Korean-English glossary of the terms your family and the Korean bank will use, and a field-by-field walkthrough of Form 3520 Part IV. Facts verified against IRS, FinCEN, Treasury, and Korean National Tax Service sources as of September 2026. General information, not individual tax advice.
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