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Inheritence Tax - Inheritence from Canada?

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J

jeremyr

Guest
I am currently a resident of the US and my family is residing in Canada. They are Canadian citizens and are permanent residents of Canada.

I was wondering whether I need to plan to potentially avoid an inheritence tax on any future inheritence that may be granted to me from Canada. Will the US gov't tax me on "foreign inheritence"? I am pretty sure that the US Estate Tax will not apply because the estate will be in Canada and will fall under the tax laws of Canada but I am liable for the inheritence tax?

Also, I am curious what the inheritence tax is in a nutshell? What is the tax rate? I tried researching this online but came up empty-handed.

Thanks in advance for any replies - I appreciate your help,
Jeremy
 


L

loku

Guest
There is no tax on receiving an inheritance. The “estate tax” is levied on the estate of the deceased, so there would be no tax to you. Since your parents are not in the US and are not US citizens, there is no US tax on them.

You can start your research in our explanation of the Estate tax at https://law.freeadvice.com/tax_law/estate_tax_law/
 
J

jeremyr

Guest
Thanks!

Thanks for your help and for the link. I sincerely appreciate it.

Jeremy
 

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