If estate tax is paid in the UK, will it be taxed again by the IRS?
Aug 11th 2012, 7:36 pm
#16
Wondering if...
Joined: Apr 2009
Location: Clarence, NY
Posts: 1,214
Re: If estate tax is paid in the UK, will it be taxed again by the IRS?
Not only USCs but permanent residents. For instance, the US considers ERNIE a lottery and the UK National Savings will not let you have bonds registered with a US address.
Aug 11th 2012, 8:21 pm
#17
Joined: Oct 2006
Location: Reno Nevada
Posts: 15,917
Re: If estate tax is paid in the UK, will it be taxed again by the IRS?
You only have to inform the IRS about foreign inheritances over $100k. Of course you have to keep the IRS informed about foreign accounts over $10k under FBAR regs and comply with FATCA which requires reporting of foreign investments but with higher initial limits. The reason you have to do this is because you are a US citizen and if you don't you are liable to severe fines. If you don't like it write to your congressman/woman.
Thank you.
Aug 11th 2012, 10:18 pm
#18
SUPER MODERATOR
Joined: Dec 2005
Posts: 88,028
Re: If estate tax is paid in the UK, will it be taxed again by the IRS?
I thought it applied to GC holders too.
Thank you. 
