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Marvin,EA
Marvin,EA, Enrolled Agent
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Experience:  Enrolled to Represent Taxpayers Before The IRS
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I am anticipating an inheritance from the sale of a property

Resolved Question:

I am anticipating an inheritance from the sale of a property that my mother owns in the amount of approximately $600,000. What are the gift or inheritance tax implications?
Submitted: 5 years ago.
Category: Tax
Expert:  Marvin,EA replied 5 years ago.
Hello and thank you for using Just Answer. Do you know the value of the property when you inheritance the property?
Customer: replied 5 years ago.
I should mention that my mother is a citizen of Nepal which is where the poperty is located. It is ancestral land that had been passed through several generations. There are two ways we could do this.

1. My mother could transfer the porety to me and then I would sell it inwhich case the value of the land at the time of inheritance would be $600k, hence no capital gains.
2. My mother may sell it, settle the local (Nepal) taxes and gift me the money.

What are the implications and which would be a better course of action?
Expert:  Marvin,EA replied 5 years ago.

Inheritance property is receiving property of a decedent so if your mother transfer the property to you the tranaction would be gift to you not a inheritance. Either tranaction would be a gift to you.

 

If you mother gift you the property no gift tax is due on the gift but you must file Form 3520, www.irs.gov/pub/irs-pdf/f3520.pdf, for gifts exceeds $100,000 during the tax year from a nonresident alien.

Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1663
Experience: Enrolled to Represent Taxpayers Before The IRS
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