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| *Loan,banking and credit>>>inheritance tax |
Question regarding taxes on inheritance from non U.S. citizen? |
I am going to receive a rather large inheritance from a relative soon and he was not a U.S. citizen. The money is currently in a bank in a foreign country. What is the process of taxing this money? What I'm wondering is since he was not a U.S. citizen does that change how much it is taxed... or is it taxed at all??? I am a U.S. citizen but he was not in other words. Well, on an inheritance the person(s) who receive it are not taxed, the deceased persons estate pays any taxes. At least that's how it is in the US, but don't know what the laws are in a foreign country, and you don't indicate what other country your relative was living in, so can't tell you what the laws are in the other country, since I don't know what the other country is. No Tax on the Person Receiving your Gift or Estate The person who receives your gift or your estate generally will not have to pay any gift tax or estate tax because of it. In addition, that person will not have to pay income tax on the value of the gift or inheritance received. NOTE: There are some technical applications for "Income in Respect of Decedent" under 搂691 that will have to be considered for income earned but not otherwise taxed prior to the date of death. http://www.irs.gov/businesses/small/arti... retrieved today from IRS.GOV |
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