My question concerns a situation where a person, resident of Massachusetts, inherits a house and a monetary amount from a deceased relative who lived overseas where the inherited assets are located.
What are the tax consequences, and, from that point of view, which method of dealing with the inheritance would be preferable: selling the house and transferring the money to the US, and if and when transferring - what would be the tax obligations? Or, probably, keeping the property overseas, and what the tax obligations of the inheritor would be in that situation?
Thank you very much.
What are the tax consequences, and, from that point of view, which method of dealing with the inheritance would be preferable: selling the house and transferring the money to the US, and if and when transferring - what would be the tax obligations? Or, probably, keeping the property overseas, and what the tax obligations of the inheritor would be in that situation?
Thank you very much.