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Has the tax rate on an inheritance for non residents

recently been changed? Iv'e been...
Has the tax rate on an inheritance for non residents recently been changed? Iv'e been told it is now 5% and no longer 30%.
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Customer reply replied 5 months ago
If it wasn't clear, I'm referring to tax law in Peru referring to an inheritance by a resident in the USA.
Answered in 1 hour by:
6/20/2017
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,148
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

There is no inheritance tax in Peru for residents or non-residents.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 5 months ago
Perhaps the question should have been taxes relation to -selling- inherited property in Peru. See this answer:Re: Inheritance Law in Peru
by fanning » Thu Jul 28, 2016 11:28 pmYou pay 5% over the 'profit'. For acquirements after 2012 it really matters how much you actually paid for the real estate, if you got it through inheritance you 'bought' it for ZERO soles, so you pay 5% over the selling amount. You only pay when you sell, not when you get it by inheritance. ( as a rule of thumb ofcourse, consult a lawyer when you actually sell ! )
The 5% is only if you are a tax resident, else it is 30%.Again, has the law been changed recently to 5% taxes regardless of residency?

You're speaking about capital gains tax, not inheritance tax.

Give me a moment, and I will post my answer.

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Capital gains earned by nonresidents from selling Peruvian property, considered as investment income, are taxed at a flat rate of 30%. The taxable gain is computed by deducting the invested capital (acquisition and improvement costs) from the gross selling price or market value of the property. These costs can only be deducted upon approval of the tax authorities.

http://www.globalpropertyguide.com/Latin-America/Peru/Taxes-and-Costs

You will also report any capital gains on your US tax return and will be able to deduct any taxes paid to Peru.

Barbara
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