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60% inheritance tax?

60% inheritance tax?

Old Jan 13th 2003, 10:35 pm
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Default 60% inheritance tax?

Recently I talked with another Brit 'round here and he mentioned something about having to pay 60% federal inheritance tax on top of your state inheritance tax if your American spouse dies and the non-American spouse is not a citizen but a legal residence.

Since then I have been trying to locate any links that support this story - but google has been letting me down.

Can anyone confirm this and provide me with links from IRS or other official sites concerning this matter?

Since I cannot find ANY site that supports this I think this is some sort of urban legend.

Cheers!

Mark
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Old Jan 13th 2003, 11:12 pm
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Default Re: 60% inheritance tax?

I can't confirm it with links but yes it is true. It was public knowledge back after the days of 9/11/01 when so many PR's lost their lives.

Rete


Originally posted by mark2002
Recently I talked with another Brit 'round here and he mentioned something about having to pay 60% federal inheritance tax on top of your state inheritance tax if your American spouse dies and the non-American spouse is not a citizen but a legal residence.

Since then I have been trying to locate any links that support this story - but google has been letting me down.

Can anyone confirm this and provide me with links from IRS or other official sites concerning this matter?

Since I cannot find ANY site that supports this I think this is some sort of urban legend.

Cheers!

Mark
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Old Jan 13th 2003, 11:23 pm
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Default Re: 60% inheritance tax?

[QUOTE]Originally posted by mark2002
Recently I talked with another Brit 'round here and he mentioned something about having to pay 60% federal inheritance tax on top of your state inheritance tax if your American spouse dies and the non-American spouse is not a citizen but a legal residence.

Does that mean if my USC husband dies - perish the thought, I would be forced to sell the property he/we own in order to pay inheritance taxes, thereby rendering myself homeless? Surely there is some kind of tax allowance - first $100k or so. Anybody know where I can get some advice on this.
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Old Jan 13th 2003, 11:38 pm
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Default Re: 60% inheritance tax?

[QUOTE]Originally posted by steppke
Originally posted by mark2002
Recently I talked with another Brit 'round here and he mentioned something about having to pay 60% federal inheritance tax on top of your state inheritance tax if your American spouse dies and the non-American spouse is not a citizen but a legal residence.

Does that mean if my USC husband dies - perish the thought, I would be forced to sell the property he/we own in order to pay inheritance taxes, thereby rendering myself homeless? Surely there is some kind of tax allowance - first $100k or so. Anybody know where I can get some advice on this.
A quick search of the IRS site and I came up with this:

http://www.irs.gov/formspubs/page/0,,id%3D79375,00.html

As you can see unless the estate is over $1,000,000 you don't have to worry about anything. It was once $650,000 then increased to $675,000. According to this publication they have upped it a bit. Pays to be rich in this country.

Rete
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Old Jan 14th 2003, 12:50 am
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Default Re: 60% inheritance tax?

Originally posted by Rete
A quick search of the IRS site and I came up with this:

http://www.irs.gov/formspubs/page/0,,id%3D79375,00.html

As you can see unless the estate is over $1,000,000 you don't have to worry about anything. It was once $650,000 then increased to $675,000. According to this publication they have upped it a bit. Pays to be rich in this country.

Rete
Thanks Rete, I will try and talk to a tax advisor tomorrow.
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