Inheritance
#1
Just Joined
Thread Starter
Joined: Jul 2006
Posts: 19
Inheritance
Has anyone in the U.S. inherited money from a relative in the U.K.? I'm wondering if I'll have to pay tax on it if I get it transferred over here.
#5
Re: Inheritance
When my Mum goes ..is their tax to be paid on hundred of pairs of shoes ...
Handbags by the caseful ... and unlimited supplies of towels and sheets,
Handbags by the caseful ... and unlimited supplies of towels and sheets,
#6
Re: Inheritance
depends if your a USC, greencard holder or just on a visa....and local taxes would depend on your state...
#7
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,865
Re: Inheritance
The receipt of an inheritance? I don't think so. The estate is not relevant to US taxation given that it is "domiciled" in the UK:- inheritance taxes, if any, are paid by the estate not the recipient of the inheritance.
#10
Re: Inheritance
The way I understood it, if you weren't a US citizen and you got it, you didn't get that $2M free and it weren't the estate but you for getting the cash that stumped...but then again, that could have been a maine thing taking their fair share as a state.
#11
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,865
Re: Inheritance
http://www.investorguide.com/igu-art...tax-traps.html
#12
Just Joined
Thread Starter
Joined: Jul 2006
Posts: 19
Re: Inheritance
Thanks for all the info. I'm a green card holder by the way, and the inheritance from my British family.
#13
Re: Inheritance
You still need to consider:
- the U.S. capital gains tax position on future disposals of the asset; and
- British Inheritance Tax will apply to the estate