Questions tagged [inheritance]

for questions related to the practice of passing on property, titles, debts, rights, and obligations upon the death of an individual. Please user appropriate "Country" tag.

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59 views

About to inherit assets located in Italy as a UK resident. Any tax liabilities, and if so, where?

I live, work, and pay my taxes in the UK. Sadly, my mother recently died. I am about to inherit some of her assets, which are all located in Italy, where she lived. I'll be inheriting a 25% share of ...
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1answer
128 views

What happens to all my assets outside US if I die?

The event: I am Brazilian and a Green Card holder and I bought a house in Brazil. First question: Do I need to register this house in my tax return here in US? Second question: Suppose the scenario ...
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1answer
52 views

Will the US resident be taxed or need to declare amount of a Canadian Cash gift of approx $20,000 USD?

Mom living in Canada wants to give child living in US $25,000 CAD (approx $19,800 USD). Canada doesn't have tax to pay on gifts. Will the US resident be taxed or need to declare the amount?
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1answer
81 views

Land bought before estate planning [closed]

My 2 brothers and I will split our dad's estate when the time comes. However, 6-7 years ago, our dad was going to sell some property potentially worth a considerable sum and when the deal fell through,...
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1answer
41 views

Transfer Inheritance from US to a NRA in Indonesia

I am a non resident alien, not living in the US. I inherited funds from a US stock exchange account after the owner died, but they could not wire it to a non US bank. THey can only wire to a US bank ...
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1answer
56 views

Are there tax requirements for a transfer on death account? If so, how do I file it?

I live in the U.S. My great aunt passed away and I was listed as her beneficiary on her transfer on death Certificate deposit (CD) account. The account has/had approx. $30,000 USD, which is being ...
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1answer
103 views

Long-term stock investment spanning multiple generations

Is there any financial product that would allow someone to invest a sum X (once or maybe add funds periodically) in a single stock, an ETF or similar for a minimum period of time, say 100 years? I'm ...
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1answer
99 views

Inheritance Tax example

Mr and Mrs A sold their house in 2013 for 1.5 million . They have 2 children. They bought a new home in 2013 and decided to allocate capital to their two children Date Child 1 Child 2 2013 200k ...
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1answer
366 views

Can I bring a large sum of inheritance money into the U.S. through an airport?

I'm an international student in the United States. I inherited around 1 million USD from my father. Can I bring that money into the U.S. through an airport?
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0answers
103 views

Inheriting an inherited IRA from a spouse

If I inherit the following three IRAs from my spouse: Traditional IRA (no RMD yet taken/required; does that matter?) Roth IRA Inherited IRA (spouse inherited from parent) what can I do with the ...
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1answer
183 views

UK Cash Gift Amount

My grandparents are gifting me £7000 towards the cost of buying my first home. Depending on the price of the house I buy, this will probably go towards the deposit, fees associated with buying a house ...
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0answers
49 views

IRA Inheritance

In 2017, my great aunt passed away and she left her estate and retirement account (an IRA) in a will to myself and family members. She was nearly 80 years old and she lived in California. Within one-...
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2answers
191 views

For a risk-averse investor, is it ever justifiable to invest in real estate over an index fund?

Let's say I have a chunk of cash sufficient to cover a 50% down payment on an average house (£600k). Or, buy an inexpensive house outright. Let's also say I must use the money for real estate—I cannot ...
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2answers
1k views

Are there countries where children are forced to inherit their parents' debts?

Are there any countries in the world where the debts of the deceased must be inherited by the deceased's heirs? In the UK and USA, it seems to be well understood that if the deceased's estate is ...
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7answers
10k views

Selling property inheritance share to sibling, 25 years later: original value? current value? something else?

My father died about 25 years ago, leaving me and my siblings a certain percentage of the lake home and property equaling 100%. At the time of death the property/home was paid for. My brother bought ...
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3answers
165 views

Coming into some inheritance, how to smartly put it to the best use to pay off my debt and/or pay for a home downpayment?

I'm in the United States. A family member just passed and it looks like I'll be coming into a little inheritance ($30,000 USD). I've got quite a bit of debt and am also looking at potentially buying ...
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1answer
4k views

My broker brother-in-law and sister managed my father's stock and estimated million dollars disappeared before his passing [closed]

My broker brother-in-law and sister managed my father's stock. I know he made illegal trades and used my fathers account to buy sell trade to cover his purchases. He was fired from three companies for ...
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1answer
55 views

Property owned by a child “A” and a parent (50/50), gifting child “A” 50% interest to a parent

My mother and my sister co-own an apartment. My sister wants to gift all of her interest to my mother. On my mother's will, I am sole beneficiary. After my mother's passing, what is my capital tax ...
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1answer
68 views

Tax on cash gift to child

Currently there is a $15k/year limit for tax free cash gifts to anybody. If one gifts more than $15k in one year to a child, my understanding is that the excess over $15k is subtracted from the ...
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0answers
49 views

Mom gifted me property that she inherited what is my cost basis? [duplicate]

The land was inherited by my mother around 30 years ago and was transfered to my wife and I in 2014 as a gift.She passed away in 2016. I sold the property for 23,500 in 2019. What is my cost basis? do ...
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2answers
250 views

Money stoped by UK fraud dept

My fiancee got her inheritance from her father's account he put in the bank before he died. Now it had the stamps to leave UK but was stopped by UK in Canada, because it could be money laundering or ...
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13answers
16k views

Best way to invest $300,000 inheritance for a couple intending to retire in 10 years

My wife and I are getting older and have a target to retire in 10 years. We just inherited $300,000 from a family inheritance (from liquidated property). So this money will come shortly and I'd like ...
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1answer
48 views

If a UK citizen living and paying tax in California USA has a UK relative die, what US tax would they pay?

If you have a relative living in the UK die and leave an inheritance (eg over $1m), how much total US tax would you pay? How much more would you pay vs being in the UK?
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1answer
122 views

Do I need a will if beneficiaries are designated?

Beneficiaries are properly designated in brokerage accounts: spouse primary, children secondary, etc. The only major thing outside brokerage accounts is the house. And I live in FL. Should I bother ...
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1answer
136 views

Inheritance withheld due to taxes from USA

My girlfriends dad died last year and left her a sum of money through a company called fidelity. She received a lump sum but some of the money was withheld pending her father's tax return. She was ...
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0answers
69 views

What tax is owed on money inherited from the US, by a UK citizen?

A deceased aunt of mine who has lived in the US for most of her adult life (50+ years) has recently passed away and left a sum of money in an investment bank (schwab) to be divided up among 4 cousins. ...
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1answer
170 views

Lifetime ISA with small stake in an overseas home

I have been using a Lifetime ISA to save towards a deposit on the purchase of my first home. Recently, I inherited a 12.5% share of the house in Germany in which my father currently lives. The rules ...
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1answer
57 views

How much of an RMD from an inherited IRA with basis is taxable?

My wife received an inherited IRA last year, so took an RMD (required minimum distribution) last year (still under the pre Secure Act rules, thought that doesn't really matter). We got a 1099R for ...
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1answer
134 views

Chances of paying U.S inheritance tax as a non U.S citizen

I want to invest in Vanguard's S&P 500 ETF. I am not a U.S citizen, but I'm married to an American woman (she got a passport but no SSN) and we are not living in the U.S. and got no other assets ...
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4answers
297 views

What's the official reasoning behind “stepped-up basis” when selling inherited property?

Note: "official" here means "on-paper". Meaning: I'm not asking what's the true reason this stepped-up basis calculation exists, but rather how it's justified on paper. This is to prevent this from ...
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1answer
104 views

What is the advantage of creating a new basis for a valuable asset during an inheritance?

I understand that when a person dies and leaves an asset as a bequest, then a new cost basis is established for the asset. This can possibly be advantageous for taxes, but I don't see exactly how. ...
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0answers
26 views

UK: How does gift holdover relief interact with potentially exempt transfers?

An elderly acquaintance is considering gifting some shares in the family business to his children. There is significant capital gains accrued on the shares (which said relative has held for decades), ...
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1answer
90 views

Spain: Inheritance taxes due for UK citizen living and working in Spain

Consider a UK citizen who is resident (namely living, and paying income taxes, but not of permanent residence or of Spanish citizenship) in Spain and becomes an heir/beneficiary of a UK death estate. ...
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3answers
171 views

How does one determine the debt owed to a trust if trust money was loaned to buy property?

The question is a bit difficult to grasp so let me give some background first. Let's say person A uses some of his own money and loan's money from person B to buy a house (at an interest rate lower ...
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1answer
170 views

Are all the capital gain of a house or stocks tax free and have a new cost basis if passed as inheritance?

I was watching a YouTube video by TechLead, and he said that in USA, if a house or stock is passed down as inheritance, then it has an adjusted cost basis of when the person passed away. So as an ...
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0answers
268 views

Italian bank will not freeze/close dead mother's account

This is a brief overview of what happened, there are complicated details, this is just the highlights. My mother-in-law died 4 years ago. She was an Italian citizen (born in the UK but lived in Italy ...
3
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1answer
145 views

Are inheritance tax and capital gains due on UK property joint owned by parents and children?

Around twenty years ago my parents amended the ownership of the family home so it was jointly owned one quarter each by my parents, my sister and I. At the same time they made wills stating that their ...
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2answers
498 views

Is it more financially sound to own 100% of one property or 50% of two properties?

Property A: 3-bed flat in a decent location, say, worth $100k Property B: 2-bed flat in a marginally worse (but still decent) location, say, worth $75-80k Person X and person Y both inherited 50% of ...
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1answer
973 views

Grandmother's MetLife policy showing up as unclaimed property

Last week, a former co-worker encouraged me to search for unclaimed property in Michigan. I've done this before (several years ago) and did not find anything. However, since I changed jobs a few years ...
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1answer
181 views

Does the IRS notice if the same estate is left sequentially to a series of spouses? Does it care?

Sorry if this is too frivolous. Just tell me nicely if it is. It is very hot, and my mind drifted -- as whose would not? -- to estate taxes. As many of us know, in the US, any amount may be left ...
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0answers
53 views

Lowest tax implication for selling an inherited house

Context: A homeowner passed away in 1999 and the house ownership was moved into a trust. At that time the house was worth ~120k. It is now worth ~400k. The beneficiaries are divided equally among 3 ...
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4answers
18k views

I was contacted by a private bank overseas to get my inheritance

Someone I knew, who was in a Mexican prison, has passed away and apparently this person has left me money. The bank called me and gave me details to log into an online bank account where I could see ...
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1answer
244 views

Options for Protecting Inheritance Before Death?

My mother is starting the process of selling her house and downsizing to an affordable apartment. The house sale will leave her a fair amount of cash that she will use to close the gap between her ...
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1answer
191 views

Inheritor dies before trust distributed, then what?

A man, say, Hilbert, buys second-to-die life insurance, then dies. Then one of his inheritors, Daniel, dies. Then Hilbert’s spouse dies, making the policy ready for distribution to the inheritors. Is ...
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2answers
5k views

If you inherit a Roth 401(k), is it taxed?

My understanding is that a Roth IRA can be inherited and the U.S. government doesn't put an inheritance tax on it. Does that also apply to a Roth 401(k)? In other words, if I died, would my children ...
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1answer
122 views

Executors distribution

If I am a beneficiary and inherit a property and and insurance policy. Can the executor put a large chunk of the money back into the estate without my consent. There are no debts on the house, just an ...
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2answers
140 views

Shore House title signed over 6 year ago to 3 siblings

My mother has been paying the taxes and home owners policy for the last 6 years for our shore house. My sister and I have been paying the taxes and home owners insurance (for the last year and half) ...
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1answer
150 views

Heritability of Student Loan Debt in Colorado

If a person does not pay his or her student loan debt off before he or she dies, what happens to that debt?
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2answers
183 views

How to structure a loan on inheritance?

My wife's father died last year and left a decent sized inheritance to my wife and her two brothers. The estate is complex and includes multiple IRAs and two trust funds, so settling the estate has ...
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0answers
50 views

Tax on inherited property [duplicate]

I am USA citizen and I want to sell my inherited property in India. If I bring that money to USA, do I need to pay taxes in USA?