I am the beneficiary of an inheritance that has come from overseas do I have to pay tax on it?

Answer 1

are you sure that you are really a beneficiary, there are a lot of scams going on and this sounds like one of them. don't send any money

Answer 2

You might have to prove it via or at the bank with an official declaration where it came from. There is a limit in my country which is 50.000 USD that comes from abroad regardless of for what reason it was sent to you. A dollar more then they will ask where it came from, why and other questions. After that procedure you will have to pay tax depending on the source of the money and puprpose and for being the receipient. I honestly do not know how much the limit I mentioned above is in the US.

Answer 3

depends on the country you live in and the coutry you are taking the inheritance from. cant say about america but if you live in the uk and you take an inheritance over 280,000£ then you have to pay an inheritance tax unless you leave the inheritance overseas. if it is an asset overseas and you sell it then bring the money in to the UK you will still have to pay inheritance tax if it is over the limit.

Answer 4

It depends on the tax laws of that overseas country

Answer 5

It' mainly depends on the tax laws of the country the money is coming from.

Answer 6

Not if it comes from Nigeria, you don't have to pay any tax from there. In fact, I might have some money from there myself that you could help me get to? It's only $6 million, but you seem trustworthy...

Answer 7

There is no federal tax on inheritance. However, you should check with your state to see if they tax inheritance.

Answer 8

Duno

Answer 9

depends where you live - tax laws are different in different countries

Answer 10

Haha You are kidding right