German national gets inheritance upon mothers death. German national lives/works in US and mother passed away in Germany where she lived her entire life. What are the tax implications upon bringing that money back?
2006-12-10 23:22:16 · 4 answers · asked by Jim G 2 in Society & Culture ➔ Royalty
From the US tax standpoint, generally the estate taxes are assessed on the estate of the deceased. Assuming the mother is not a US citizen or green card holder, the mother is not a tax resident of the US, so US estate taxes would not apply. For the recipient of the inheritance, there would be no US estate tax assessed on the inheritance.
2006-12-11 02:31:20 · answer #1 · answered by jseah114 6 · 0⤊ 0⤋
You would only be subject to Death taxes in Germany...
...I do not know if they have such a tax but you may need to hire someone, CPA or attorney who is familiar with German law.
2006-12-10 23:42:16 · answer #2 · answered by Rada S 5 · 0⤊ 0⤋
Be prepared to give a big chunk of it to the government.
2006-12-10 23:42:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
check with an attorney
2006-12-10 23:30:29 · answer #4 · answered by loomis127 2 · 0⤊ 0⤋