Do i have to pay taxes when inherting a large some of cash from a family member whom lives in Czech Republic?

Question

Do i have to pay taxes when inherting a large some of cash from a family member whom lives in Czech Republic and i live in the US. My uncle died that lives in Czech Republic and im going to inherit a lot of cash and stock in a company do i have to pay taxes and if so where in Czech Republic or the US

Answer 1

There will be no tax due in the US. The Czech Republic does have an inheritance tax, here is a link with further info:

http://www.czech.cz/en/economy-business-science/investment-counsel/tax-system/inheritance-tax/

Someone will have to prepare the returns for the Czech Republic. Whoever is handling the estate should be able to help you.

Answer 2

I don't know why anyone would give a-mazed a thumbs down. Perfectly reasonable advice. Mine is the same. I would just add that the recipient does not pay tax on the gift under US law. You should retain a tax professional in the Czech Republic to ascertain your position there.

Answer 3

If the money is needed by way of you i might recommend attempting to talk to them and artwork out a payback plan of a few form. clarify you probably did no longer recommend to reason her any hassle yet you probably did have expenditures for the care you offered - some situations require you to take the extreme street, be the bigger guy or woman, etc. it may desire to or won't artwork. If it would not then you certainly merely could desire to opt for if the kinfolk member or the money is greater significant. in case you opt for to maintain a dating with the kinfolk member then i might recommend you completely forget with regard to the area and the money and bypass on. If she is bitter you may desire to continually deliver her a card or a small present as a token which you rather opt for to repair issues.

Answer 4

Time to find, and employ, a professional . . . it is well worth the investment, in the long run.