Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

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.

Show More
Show Less
Ask Your Own Tax Question
Customer reply replied 4 months 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: 5,994
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

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

Ask Your Own Tax Question
Customer reply replied 4 months 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.

Ask Your Own Tax Question
Customer reply replied 4 months 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.

Ask Your Own Tax Question

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

Ask Your Own Tax Question
Customer reply replied 4 months 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.

Ask Your Own Tax Question
Customer reply replied 4 months 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: 5,994
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
Barbara and 87 other Tax Specialists are ready to help you
Ask your own question now

Thank you for the positive rating of my answer. It is very much appreciated.

Happy Holidays to you and your family!

Ask Your Own Tax Question
Customer reply replied 4 months 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.

Ask Your Own Tax Question
Customer reply replied 4 months ago
Thank you so much!

My pleasure.

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

Ask Your Own Tax Question

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

Ask Your Own Tax Question
Was this answer helpful?
Ask Barbara Your Own Question
Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,994
5,994 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

Barbara 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

1,338 satisfied customers

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

Richard

Richard

Tax Attorney

4,495 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 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.

< Previous | Next >

Related Tax Questions
Is Form 8949 the one I use to report sale of farm land I
Is Form 8949 the one I use to report sale of farm land I inherited? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,205 satisfied customers
Capital gains tax on nonresident alien. A foreign trust owns
Capital gains tax on nonresident alien. A foreign trust owns 100% of shares of a US C corporation. C corporation is privately held (not publicly traded) and conducts business in the US. Then C corpora… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
The federal government gives you a tax credit for foreign
The federal government gives you a tax credit for foreign taxes paid in another country Does New York State offer a tax credit for the same If yes , where would it be found, on what form… read more
Barbara
Barbara
Enrolled Agent
5,994 satisfied customers
Foreign funds related - if the foreign asset is more than
Second opinion] foreign funds related - if the foreign asset is more than 10K in foregin bank account, and 100% of that fund was actually transferred from US bank. which means all the US tax on that f… read more
Mike-USACPA
Mike-USACPA
9 satisfied customers
Where do I report the sale of a commercial rental property?
Where do I report the sale of a commercial rental property? … read more
Barbara
Barbara
Enrolled Agent
5,994 satisfied customers
Foreign funds related - if the foreign asset is more than
foreign funds related - if the foreign asset is more than 10K in foregin bank account, and 100% of that fund was actually transferred from US bank. which means all the US tax on that fund was paid to … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
As an employer, do I need to withhold PA State Withholding
As an employer, do I need to withhold PA State Withholding and DE State Withholding for PA Residents working in DE … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Kansas state nonresident tax schedule s part is confusing
kansas state nonresident tax schedule s part b is confusing me … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Should US company withhold income tax to US budget if
Should US company withhold income tax to US budget if employee (person who is in payroll) is non-resident?… read more
Barbara
Barbara
Enrolled Agent
5,994 satisfied customers
I am having trouble understanding foreign tax credits,
I am having trouble understanding foreign tax credits, Hopefully in simple language you can help me understand it. I have a carryforward foreign tax credit from a sale of property in Israel. I paid th… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Trying to understand the gift tax law. My parents own a home
My parents own a home I and my wife and 4 children are living in … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,495 satisfied customers
My question is regarding US tax law for overseas property. I
Hello, My question is regarding US tax law for overseas property. I am a US citizen. My husband is a UK citizen. I have no legal status in the UK. He has no legal status in the US. We live in the UAE.… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
What should I report about my foreign property in my tax
What should I report about my foreign property in my tax return?I am about to file both my 2016 and 2017 tax returns. Yes I missed filing my 2016 return last year. I have a situation with rental prope… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,205 satisfied customers
Didnt report income from the sale of asset but it wouldnt of
hello. didnt report income from the sale of asset but it wouldnt of changed my taxes for the year as I had a large tax loss for the year. Is there still a penalty for this type of omission? should I a… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,205 satisfied customers
Is there an estate tax for a non resident alien for money he
Is there an estate tax for a non resident alien for money he has in a US bank savings account when the descendant is also a non resident alien?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,205 satisfied customers
How monthly real estate taxes are calculated in the state of
How monthly real estate taxes are calculated in the state of NY on real estate? Are they re-calculated upon the new assessment of the building? As I am looking for a new town home to buy, should I exp… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
128 satisfied customers
What rate of withholding is applicable for a domestic
What rate of withholding is applicable for a domestic partnership with 2 foreign partners upon the selling of a rental property in US. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
How to report the sale of a property outside US? How to
How to report the sale of a property outside US? How to claim the taxes paid abroad on the profit made by selling property overseas?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 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