Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

A friend of mine has inherited over 200,000GBP, presently located

in an account at Barclays...
A friend of mine has inherited over 200,000GBP, presently located in an account at Barclays Bank. He has been told by the bank that they cannot release the funds to him until a considerable tax has been paid to the IRS. He needs to pay the tax out of the 200,000 but the bank won't let him obtain them. Is this correct? It makes no sense.
Show More
Show Less
Ask Your Own Tax Question
Answered in 3 minutes by:
10/3/2013
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,808
Experience: 29 years of experience as a tax, real estate, and business attorney.
Verified
Hi! My name is XXXXX XXXXX I look forward to helping you!

This is not correct. If there were any tax to be paid, it could simply be deducted from the $200,000 supposedly being held by the bank. The fact that they want to cash up front simply means there is no cash in the bank and your friend is being scammed. This is a common scheme to defraud people....the indication of a big inheritance that can only be released upon the payment of upfront money. The IRS simply does not operate in this fashion. If there are ever any funds due the IRS, they can always be withheld from the amount due the recipient.


This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could say this was legitimate, but, I can only provide you information based on the law so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!


Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). I thank you in advance for taking the time to provide me a positive rating!
Ask Your Own Tax Question
Customer reply replied 4 years ago


Thank you. I have a copy of a Barclays statement showing 247,000GBP on deposit and I have a copy of an IRS receipt showing 4300GBP has been paid (9/27/13) on the 8500GBP owed on the 47,000GBP interest. All looks legitimate. Would someone go to such trouble to forge these documents for 4200GBP, balance owed?

Thanks for following up. I'm presuming your friend is in the U.S. I have been dealing with this same situation with two of my clients here in the U.S. in the past few weeks. Both are fraudulent. If the money is in the bank, then simply direct the bank to forward whatever is due the IRS to the IRS from the funds being held. Also, to confirm, call the IRS and Barclays directly, and ask them for independent verification. Do not use numbers provided by these folks; rather, get the numbers independently. In both instances in which I'm involved with client, the money was not at the bank and the IRS had received nothing.
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,808
Experience: 29 years of experience as a tax, real estate, and business attorney.
Verified
Richard and 87 other Tax Specialists are ready to help you
Ask your own question now
Thank you so much for the positive rating! I truly appreciate you taking the time to do that!
Ask Your Own Tax Question
Ask Richard Your Own Question
Richard
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,808
55,808 Satisfied Customers
Experience: 29 years of experience as a tax, real estate, and business attorney.

Richard is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

55,808 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I inherited an IRA while on SSI, so I am in a low tax
I inherited an IRA while on SSI, so I am in a low tax bracket. I have to choose by end of year wether to cash in or leave in IRA. Since I would probably have to cash in as time passes, what is the pen… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
736 satisfied customers
I inherited a house in 2013. I recently sold it for
I inherited a house in 2013. I recently sold it for $164,000. the House according to the city was worth 35,000. Do I have to report this to the IRS? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My wife inherited a piece of rental property from a
My wife inherited a piece of rental property from a revocable trust that her parents had set up after her father and brother died her mom did an amendment that made her trustee and sole heir. Her mom … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Does DC have an inheritance tax for DC residence who receive
Does DC have an inheritance tax for DC residence who receive an inheritance from a residentof California? … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
736 satisfied customers
Under the IRC, a taxpayer who inherits property gets an
Under the IRC, a taxpayer who inherits property gets an automatic, income-tax-free, step-up in basis for that asset. That is, the heir uses the property's value on the deceased's date of death (or 6 m… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
What is the tax schedule on inherited Stretch I.R.A for
what is the tax schedule on inherited Stretch I.R.A for children after their inheritance while they are still teenagers, before they reach 70 years of age? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What are tax rules for an inherited Roth IRA, GA, the
what are tax rules for an inherited Roth IRA JA: Since estate law varies from place to place, can you tell me what state this is in? Customer: GA JA: What documents or supporting evidence do you have?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What are the taxes on $140,000.00. I received an inheritance
I received an inheritance of $140,632 and need to know what the taxes are. I live in las vegas … read more
abci168
abci168
Principal
27 satisfied customers
Mortgage Interest Taxpayer inherited two homes in the same
Mortgage InterestTaxpayer inherited two homes in the same year. One from each parent, both were primary resident of deceased parent. Deceased parents were divorced and both died within 12 months of ea… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
A piece of land was inherited and when transferred to
A piece of land was inherited and when transferred to inheritee, an amount was listed as consideration on the county deed transfer documents and the applicable mortgage taxes paid. Is the amount liste… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
If someone can receive money in an inheritance, and they are
If someone can receive money in an inheritance, and they are receiving disability benefits and Section 8 HUD housing assistance, should the inheritance be directed to a Special Needs Trust? … read more
abci168
abci168
Principal
27 satisfied customers
An inherited annuity I pay tax on but is the full amount
An inherited annuity I pay tax on but is the full amount combined with my income and taxed again? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have inherited a property in California that is currently
I have inherited a property in California that is currently in escrow. How will I be taxed for the money I make on the sale of the property? … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
736 satisfied customers
What will I owe IRS on approximately 125000. I inherited
What will I owe IRS on approximately 125000. I inherited from my mother upon her passing as of April 2017? I also receive 9000 monthly from condominium owners because we own the land. I live in Hawaii… read more
taxmanrog
taxmanrog
Master\u0027s Degree
702 satisfied customers
Sold Mineral interest that are not producing. Inherited it
Sold Mineral interest that are not producing. Inherited it in the 1970's trying to figure out what taxes I owe or where I can place the money to defer some of the tax liability.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We need to know what is the inheritance tax for a real
We need to know what is the inheritance tax for a real estate property owned by a foreign individual, in the State of Florida with a value less than US$ 500.000?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
Referring to capital gains and inheritance laws in Peru: We
Referring to capital gains and inheritance laws in Peru: We will be inheriting some properties from my mother in Peru which we intend to sell within the year. Since we inherited the property at it's c… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
US State Tax Law Regarding Inheritance: I would like to find
US State Tax Law Regarding Inheritance: I would like to find out if inheritance from a parent in Georgia would be taxable for children/grandchildren living in North Carolina, Maryland, or Georgia. The… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x