More specifically, my american cousin now owns a portion of a flat in Italy, does she have to declare it in US or pay any taxes...
2006-10-18 00:57:12 · 3 answers · asked by Anonymous in Politics & Government ➔ Other - Politics & Government
Inheritance of a property located abroad is not taxable in the US but taxable in the country where it is located as provided for in the Civil and Taxation Laws.
2006-10-18 01:01:45 · answer #1 · answered by FRAGINAL, JTM 7 · 0⤊ 0⤋
Is the property going to be rented out? Then your cousin will have US and Italian tax implications. Remember US citizens are taxed on worldwide income, regardless of where they live or where the income is located.
2006-10-18 08:19:53 · answer #2 · answered by skip 6 · 0⤊ 0⤋
not at the moment, it's something the bush admin pushed for because only the rich get large inheritances.
2006-10-18 08:00:59 · answer #3 · answered by Anonymous · 0⤊ 0⤋