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N Cal Atty
N Cal Atty, Attorney
Category: European Law
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Experience:  Studied comparative and international law.
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This question deals with inheritance and selling of Russian

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This question deals with inheritance and selling of Russian real estate.
There is no inheritance tax in Russia for either foreigners or Russians. thus, Please only answer if you are familiar with Rissian laws. being a foregner I can inherit prioerty in Russia without paying any tax. However there is a tax of 30% on profits, etc made by foregners. Do I have to pay tax if I SELL the inherited property as a foreigner and then how much? In the US the foreign inheritance is not taxed as well. What kind of documenation do I have to have when bringing money to the US that the money are for sold inheritance.
Submitted: 1 year ago.
Category: European Law
Expert:  Fran-mod replied 1 year ago.
Hi, I'm a moderator for this topic. I've been working hard to find a professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you. Thank you!
Customer: replied 1 year ago.

yes, I will wait


 


thank you

Expert:  wendy-Mod replied 1 year ago.
Thank you for your patience. We will continue the search for a Professional for you.

Regards,
Wendy
Expert:  N Cal Atty replied 1 year ago.
I'm sorry but I need more information.

Are you making an Estate plan, or does this have to do with a Will that names you as a beneficiary?
Customer: replied 1 year ago.

it is by will. My mother in Russia (Russian citizen) died and I am the only heir in her will. I am US citizen and not citizen of Russia. It has been over 6 months now and I can start selling her property in Russia (it is on the market now). My question deals with taxation issue of what happends after I receive the money from the buyer.

Expert:  N Cal Atty replied 1 year ago.
Are you named as the Executor in the Will?

Is this in Court or is it being handled by a Notary?

Does the Will make a specific bequest of real property, or does it just state that all property will pass to you?
Customer: replied 1 year ago.

yes I am named executor of the will.


it has been handled by notary


All property will pass to me


 


thank you

Expert:  N Cal Atty replied 1 year ago.
If it just a general bequest of everything, the Estate itself should be able to sell the property and then pass the proceeds on to you as beneficiary. That way you are inheriting cash and not real estate, so you would not be liable for any taxes due on the sale of real estate. The Notary should be able to advise you of what the tax consequences are when an Estate sells real property.
Customer: replied 1 year ago.

thank you. What you said makes sense. Sometime, though in Russia things are not necessarily making sense. Is it your personal experience on how the inherited property sold in Russia with respect to beneficiaries of the state -- or what you are saying is just common sense. Regrdless of your answer I would provide excellent rating to you. I noticed that you might be located in Bay area. how far away are you from San Francisco, I live not far away from Redwood City. Do you provide any assistance for matters associated with real estate/inheritance in Russia? Have you lived in Russia?

Expert:  N Cal Atty replied 1 year ago.
My ancestors lived in Russia but I have never been there. My answer is based on common sense, but you should be able to confirm it with the Notary who is handling the Estate.

I am over 200 miles North of San Francisco, but the Experts here are not allowed to accept clients, and we can only interact through this web site.

Inheritance Law Lawyers in Russia are listed by location at
http://www.hg.org/law-firms/inheritance-law/russia.html if you need a formal legal opinion, but the Notary should be able to handle this.

It is normal for the Executor to liquidate all assets prior to distribution to the beneficiaries, and it seems that having the Estate sell the real property would simplify the situation.

I hope this information is helpful.
N Cal Atty, Attorney
Category: European Law
Satisfied Customers: 8092
Experience: Studied comparative and international law.
N Cal Atty and other European Law Specialists are ready to help you
Expert:  N Cal Atty replied 1 year ago.
Thank you for the Excellent rating!

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