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#1
03-01-2005, 03:27 PM
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Taxes on the sale of a foreign inheritance propertyWhat is the name of your state? MD I am a permanent resident and I recently inherited some property from my deceased grandfather in Romania. What taxes would I pay in the US if I chose to sell the property and bring the money to the US? Thanks in advance! Last edited by MissCrabette; 03-01-2005 at 03:45 PM. |
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#2
03-01-2005, 07:11 PM
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| It doesn't matter whether you bring the money to the US or not. You will be taxed on it the same way a US Citizen would be. The basis is the value on the date of death. Your gain is the difference between the sale price and the valuation. Snipes
__________________ This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post. |
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#3
03-02-2005, 01:45 PM
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| Thank you! I figured I'd have to pay tax on capital gains. I suppose it helps that inheritance property that is sold is treated as if it was held for at least a year. Correct me if I'm wrong. So other than paying tax on capital gains, will there be anything else? Income tax or inheritance tax? |
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#4
03-02-2005, 05:59 PM
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| Inheritance tax, probably not, since you are receiving the inheritance, and it is coming from a foreign country. Capital Gains taxes are income taxes. Yes, it is treated as long term Snipes
__________________ This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post. |
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