2007-05-02 19:25:12 · 6 answers · asked by rtrujillo5150 1 in Business & Finance ➔ Taxes ➔ United States
What is the best way to not get taxed on the $9,000 that is in Mexico that I want to get to my bank account in the US?
2007-05-02 20:05:25 · update #1
What is the best way to not get taxed on the $9,000 that is in Mexico that I want to get to my bank account in the US? I want to transfer that money over to the US but I don't think it's fair that the government should get some of it. If I transfer that amount over will the IRS pick up on it?
2007-05-02 20:14:22 · update #2
Any inheritance that you receive isn't taxable to you. And since he's not a US resident or citizen (I'm assuming anyway) the IRS has no sway over the estate. Even if he's an ex-pat citizen, $9,000 is WAY below the limit for a taxable estate anyway.
2007-05-03 00:44:24 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Inherited money has already been taxed if necessary during the course of probate by the court. What you have is yours alone tax exempt free and clear. Simply transfer it with a check or get a cashiers check in Mexico and deposit it in your us account. Or, keep it in the bank in Mexico so you have some place to go if things go to absolute hell in the us.
2007-05-03 10:29:00 · answer #2 · answered by acmeraven 7 · 0⤊ 0⤋
No...it would be illegal
for the mexican Secretaria de hacienda (Mexican IRS) to get a hand in your rightful property... (inherited or any other)
According to Mexican Law, properties, bank accounts, and other possesions, will be touched ONLY if there is some demonstrable debt, and ONLY, with a judicial order (that means that a trial has to be iniiated and settled before the delivery of the goods and posessions cited in the will.)...This only, IF the Mexican government or any particular citizen initiates this action ( a legal demand) and only IF there is some real debt...
Nope the IRS cant touch it,,,
2007-05-03 02:34:33 · answer #3 · answered by Sehr_Klug 50 6 · 1⤊ 0⤋
If the money is in the US or is coming into the US- yes.
If your father was a US citizen- yes.
If the money is in Mexico and there is no proof it exists, then cash out, and get int state side without claiming it.
2007-05-03 02:29:17 · answer #4 · answered by Harmon 4 · 0⤊ 2⤋
You'll be subject to estate duty.
2007-05-03 02:30:28 · answer #5 · answered by SGElite 7 · 0⤊ 2⤋
inheritance money is taxed
2007-05-03 02:32:54 · answer #6 · answered by jezbnme 6 · 0⤊ 3⤋