Discussion:Inheritance or gift from foreign national
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| Revision as of 17:04, 16 June 2006 Warren (Talk | contribs) (What do you mean) ← Previous diff |
Revision as of 17:16, 16 June 2006 Warren (Talk | contribs) (Notice 97-34 sta) Next diff → |
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| {{ForumReplyPost|UserID=Warren|Date=16 June 2006|Text=What do you mean "you run into problems if you do it here"? We're not looking to do anything against the law or to evade taxes. I'd just like to know if it is subject to some kind of a gift or estate tax.}} | {{ForumReplyPost|UserID=Warren|Date=16 June 2006|Text=What do you mean "you run into problems if you do it here"? We're not looking to do anything against the law or to evade taxes. I'd just like to know if it is subject to some kind of a gift or estate tax.}} | ||
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| + | {{ForumReplyPost|UserID=Warren|Date=16 June 2006|Text=Notice 97-34 states that you must disclose gifts from foreign individuals over $100,000 but it doesn't say anything about a tax.}} | ||
Revision as of 17:16, 16 June 2006
Discussion Forum Index --> Tax Questions --> Inheritance or gift from foreign national
| 16 June 2006 | |
| Is there a tax or limit of any kind when receiving an inheritance or a gift from a foreign national that is not a US resident? I have a client whose mother is a citizen of and lives in Lebanon. She is worth a few million dollars. My client has told me that he heard from a friend's accountant that there is a $500,000 limit on gifts and inheritance from a foreigner without tax. I find no reference to this in the IRC. | |
| 16 June 2006 | |
| You have to be careful with transfers. Cash, for example, wants to be transferred into an account in client's name in a foreign country. You do run into problems if you do it here. Basic reference is Notice 97-34 | |
| 16 June 2006 | |
| What do you mean "you run into problems if you do it here"? We're not looking to do anything against the law or to evade taxes. I'd just like to know if it is subject to some kind of a gift or estate tax. | |
| 16 June 2006 | |
| Notice 97-34 states that you must disclose gifts from foreign individuals over $100,000 but it doesn't say anything about a tax. | |
