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Christopher Phelps
Christopher Phelps, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2710
Experience:  CPA, CFP, PFS, Tax Practitioner 21 Years, Member AICPA/CSCPA Tax/Financial Planning Committee Member
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inhertance tax from nigerian bank to a untied states bank

Customer Question

I am to receive 7.5 million from an relative who had died in Nigeria. I need to know how to pay the taxes or when to pay the taxs here in the united states in the stste of california
Submitted: 11 years ago.
Category: Tax
Expert:  Christopher Phelps replied 11 years ago.

Neither the U.S. nor CA has an inheritance tax.  Thus, any inheritance you receive as a beneficiary is tax-free to you (assuming relevant estate taxes have been paid).  In limited instances the U.S. and/or foreign governments may attach beneficiary inheritances where the estates were subject to estate tax and failed to pay prior to distribution to the heirs.


However, I strongly caution you to disregard the email or notice you have received regarding a potential inheritance.  Nigerian "inheritance" scams are infamous right now.  On this board alone I have seen at least eight people asking what the tax consequences were to receiving an inheritance from a "long-lost" relative in Africa/Nigeria.  Do no fall for it.


See the following link as an example:


http://www.crimes-of-persuasion.com/Nigerian/inheritance.htm


Also, just google "Nigerian inheritance" and see what pops up.

   
Customer: replied 11 years ago.
Reply to Christopher Phelps's Post: i am asumeing that there will be no State or Federeal taxes either. If so how will I know when and how and how much to pay these taxes to them.
Expert:  Christopher Phelps replied 11 years ago.

There are no taxes due, therefore you do not need to worry about it.  Again, I caution you, you should not be required to pay any money nor give access to your bank or brokerage accounts in order to receive an inheritance to which you are legally entitled.  If you persist, I suggest you set up a bank account with a nominal amount of money that you can afford to lose, and give these people wire instructions to that account.  That way they can't siphon off your money.


I guarantee its a scam.  See the web link above. 

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