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Posted by John , 1 reply
Next year the the tax in the US on inheritance will be 55% on anything over $1,000,000. I’m curious…. if my wife and I lived overseas (Australia for example) and I recieved my inheritance….would it be taxed by the US or the country where I lived. My parents of course living (dying) in the US?
Quoting an article from one of the members of our Expat Directory ( Greenback Expat Tax Services – http://www.expatinfodesk.com/expat-directory/12/greenback-expat-t… ) they state the following:
“Similar to the foreign tax credit we’re accustomed to seeing on our annual US expat taxes, there is a foreign tax credit for estate taxes as well. If, as a resident of a foreign country, your estate was taxed at the local level, those taxes paid can be used as a credit on your US expat taxes.”
I hope that helps.
This reply was edited by a moderator at 31st August 2012 06:30 GMT