Legal Question in Tax Law in California
federal income and estate tax on foreign inheritance from united kingdom
What are the federal income tax restrictions on inbounding money from a foreign inheritance? A U.S. citizen will inherit the proceeds from real property owned by U.K. citizen parents. The property is located in U.K. Are there any estate tax ramifications? Is the proceeds subject to U.S. federal income taxation? Does the U.K. have an estate tax or federal tax on the distribution?
Thank you for your assitance. I have searched Westlaw and other databases with no success.
1 Answer from Attorneys
Re: federal income and estate tax on foreign inheritance from united kingdom
1. No U.S. estate tax to a U.S. citizen inheriting money from the U.K. citizen. Call a U.K. attorney to find out the U.K. law.
2. No immediate U.S. income tax due to a foreign inheritenace. Once the estate is probated, and your title is changed to your name, you will then own the property, and pay U.S. income taxes on it. Ck. w/a U.K. attorney as to current rules on U.K. income tax for a beneficiary.
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