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Does trump's tax reform on estate tax exemption effect

Does trump's tax reform...

Does trump's tax reform on estate tax exemption effect non-residents who used to have a exemption of only 60k?

Accountant's Assistant: What state are you in? It matters because laws vary by location.

CA

Accountant's Assistant: Has anything been filed or reported?

No

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

I am a US national, but my father is not a citizen/national.

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Customer reply replied 1 month ago
We are trying to transfer a CA property from my father to me.
Answered in 2 hours by:
12/28/2017
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,825
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.

The estates of nonresident non-citizen decedents continue to have a $60,000 estate tax exemption on US situs assets. Nonresident non-citizens continue to be subject to gift tax on lifetime transfers of US situs real and tangible property, with the maximum rate on such transfers remaining at 40 percent.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 1 month ago
If we plan selling the building can we transfer 60K worth of the apartment so that I own a share and would get paid part of the sale? What determines the percentage 60K is worth? If a standard appraisal valued it at 4.3M and we sell it for 5M, do I earn more than 60K on the sale since we transfered the 60K percentage of the 4.3M? In that case should we transfer as much of the apartment as possible before the sale?Is there any way to transfer the building to a foreign trust to avoid US estate taxes? Can my father set up a foreign trust and buy it from himself? (Would still pay sales tax, but the estate tax is much more expensive). Or can my mother set up a foreign trust and buy it from my father?

I see you have requested a phone call, but there appears to be a problem.

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Customer reply replied 1 month ago
can you send it again? BOA blocked it

I don't have any control over the phone call requests, but we can continue here.

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Your father can sell the building and gift the money to you after the sale.

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Customer reply replied 1 month ago
Can he gift portions of the apartment or use the 60K of the estate tax exception to optimize the amount?The appraised value of the apartment rarely matches the sale price.The reason is that gift tax at 14K excemption is very low.

I am talking about gifting cash not part of the property.

If he is a non-resident, he can gift you any amount of cash without tax implications.

You would have a REPORTING requirement if the gift is more than $100,000.

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Customer reply replied 1 month ago
Ic thanks. That was helpful.

If the property is going to be sold anyway, your father should sell it and then gift you cash.

He does not pay tax on the gift to you and you do not pay tax on the gift and will only report the gift if it is more than $100,000.

Please take a moment to rate my answer since that is the only way I receive credit for answering you.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,825
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Barbara and 87 other Tax Specialists are ready to help you
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Thank you for the positive rating of my answer. It is very much appreciated.

Happy Holidays to you and your family!

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Customer reply replied 1 month ago
Sorry to bother you for one last simple question.Do foreigners and citizens have any difference in real-estate sales tax other than the FIRPTA Withholding
?

Everything is the same except for FIRPTA.

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Customer reply replied 1 month ago
Thank you so much!

My pleasure.

Please let me know if I can assist you in the future.

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I just received notification of your VERY GENEROUS BONUS. Thank you so much!

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Barbara
Barbara
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Category: Tax
Satisfied Customers: 4,825
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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