Legal Question in Tax Law in Massachusetts

An Inheritance is to be transferred. The Will requires that a Foreign Partner from a named country take ownership of 100% in the country of origen, Ghana.

The Assets are stored at a Security Company in Ghana as $100 bills.

If Foreign Partner is a USA resident and imports the box of cash, what USA taxes are owed? Are they to be Prepaid? Is it not more prudent to deposit the cash in Ghana with Barclays and have their help with transfer?

a not so naive,

Bruce


Asked on 6/26/10, 5:38 pm

1 Answer from Attorneys

First this sounds like a scam. Unless this is really someone you know, and the deceased was a person to whom you were really related run do not walk away.

You can mail a copy of the emails from the person contacting you to the Boston FBI office and they will add it to their group activity.

If the person who owned the property is not a US citizen then US Inheritance Tax does not apply. If the person who died is a US citizen then both State and Federal Inheritance taxes do apply as of 9 months after the date of death, plus interest and penalties for late filing and interest if appropriate.

However, cash deposits of more than $10,000 require that you disclose the origin of the funds.

I sincerely doubt this is anything more than a scam and would suggest you not proceed with this deal.

Read more
Answered on 6/27/10, 10:09 am


Related Questions & Answers

More Tax and Taxation Law questions and answers in Massachusetts