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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1answer
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Tax question - Inheritance from UK living in USA

I am a Green Card resident in Nebraska USA, and I am a UK citizen. Is it correct that I need to report to the USA Government if I inherit more than $10,000 from my father’s Will (he too was a UK ...
4
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1answer
243 views

Regarding W-8-BEN for annuity inheritance

My father worked in USA for 11 months in 1985. He made contribution to an individual retirement plan (tiaa-cref) only during that period. The money since then has grown. He expired in 2016 aged 68 ...
3
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0answers
82 views

Transfer from Russia to the US after inheritance

My adult children will inherit an apartment in St Petersburg Russia. After the complexities of selling, taxes, etc., will there be any problem with a bank transferring the proceeds to the US? Will US ...
3
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1answer
106 views

Tax implications in the US of home ownership in the UK

My family and I are residents in the USA. My British wife and her brother have received some inheritance from their father, which is to be shared with his ex-wife: £120,000 cash. A mortgage of £150,...
2
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0answers
264 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 ...
2
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0answers
85 views

Would there be tax due on an inheritance received from a U.S. citizen that lived in the U.K.?

My mother passed away in August. She was a US citizen living in UK for 40+ years. Do my brother and I have to pay tax to bring the cash into the US? No tax had to be paid in UK. Not a big ...
2
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0answers
82 views

Reporting requirements for a US citizen inheriting money from a relative in Ireland

An uncle of mine passed away and I will receive a small amount of money shortly. The amount will be considerably less than the $100,000 amount of IRS form 3520 (albeit this is not a gift as such). ...
2
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0answers
47 views

Canadian citizen step parent signing over US owned property to us citizen adult children

My mother who is a US Citizen recently passed, and my step father who is a Canadian citizen with permanent US resident who is living in Canada now with no plans of returning to the US. He doesn't want ...
2
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0answers
88 views

In the U.S., is one who inherits artwork, antiques, or other such goods required to professionally appraise them before selling them?

Artwork, antiques, or other such goods: the category I am trying to refer to is those things which are sold on a market which is not liquid enough for it to be immediately obvious what the market ...
2
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0answers
102 views

Trusts, Inheritance Tax in UK

My background: I am a British citizen, currently living in mainland Europe i.e. Austria. Off-late, I married an Austrian Citizen. We purchased a property together in Austria. There is no Prenup ...
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0answers
66 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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0answers
25 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), ...
1
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0answers
50 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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0answers
109 views

How to pay taxes on earning from an inheritance without commingling it

I am about to receive an inheritance that I would like to keep separate from my marital assets. The plan is to put it into a separate investment account in my name only. From my understanding, that ...
1
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0answers
63 views

Uniform gift to minors act stock sold by state under escheatment?

My grandmother bought me a stock of Disney when I was born and now in graduate school I decided now would be a good idea to cash in on the stock. It was only one share but the stock has split 1:3 and ...
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0answers
105 views

My family inherited a shopping center which we have sold.I'm 73, with only $476 in income a month. My share:$119,000. Will I be taxed? Land Swap?

I'm one of nineteen (1/19) who will receive a check for $119,000 dollars from a shopping center we inherited. I'm 73, receive ONLY $476 Social Security a month and have NO OTHER INCOME. I also have ...
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0answers
65 views

What does “your tax cost” mean in the context of inheriting wealth from a spouse?

Tax Planning for You and Your Family 2019 by KPMG. p 244. 16.2.6 Death of a partner When an active or retired partner dies, the partner is subject to the tax rules that generally apply on ...
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74 views

Inheritance keep or put into estate

In the state of Alabama if you receive a life insurance payout does it have to go to the estate? I received a check separately from the estate but from the deceased estate.
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0answers
37 views

How do I file an inheritance on my New Jersey tax return?

I inherited a bit of money from a grandparent that passed away last year. New Jersey has an inheritance tax but from what I looked up close family inheritance is not taxable. I want to make sure ...