Someone I know who is Malaysian and residing here too is about to receive a small inheritance from overseas. Will this be taxed ?.
Hope someone can throw some light into this.
2007-09-25 02:24:15 · 3 answers · asked by Tigeripoh4301 3 in Business & Finance ➔ Taxes ➔ Other - Taxes
A Malaysian resident in Malaysia receiving an inheritance fund from abroad.
2007-09-25 02:54:13 · update #1
You might get a better answer if you asked this question in Taxes - Malaysia instead of Taxes - Other Taxes.
2007-09-25 07:54:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There is no Federal inheritance tax. The state where they reside may levy an inheritance tax. Ignore the first response, the poster doesn't know what they're talking about.
2007-09-25 02:58:09 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Yes, the US taxes everything. Everything.
The US is one of the very few countries that even taxes its own citizens if they live abroad and make money there.
2007-09-25 02:28:49 · answer #3 · answered by mikeburns55 5 · 0⤊ 1⤋