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Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 540
Experience:  Tax attorney and accountant
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My father died in 1991 and was never a US citizen. That same

Customer Question

My father died in 1991 and was never a US citizen. That same year my father loaned my now ex-husband US$35,000, for which there is a signed promissory note. My father intended for me to be repaid the US$35,000 and now, 25 years later, my ex is about to pay me the interest of more than $300,000. Do I have to pay an inheritance tax?
Submitted: 10 months ago.
Category: Tax
Customer: replied 10 months ago.
My father was not a resident or citizen of the US. My ex husband recently repaid to me the principal amount of US$35,000 which is why he now has a legal obligation, and is willing to repay the interest totaling more than US$300,000 (9% compound interest p.a. for 25 years).
Expert:  Mark Anderson replied 10 months ago.
You will probably need to pay taxes on the interest you received? Was it paid from his estate?
Expert:  Mark Anderson replied 10 months ago.
Inheritance tax is based upon the state. NY does not appear to have an inheritance tax:http://taxfoundation.org/sites/taxfoundation.org/files/docs/Estate-Taxes-Map-2015.png