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cr34t0r
Joined: 19 Jul 2008
Posts: 2
Location: los angeles
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| Posted: Sat Jul 19, 2008 7:41 am Post subject: Inheritance or gift from citizen abroad |
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| What is the tax if there is one or perhaps limit of any kind when receiving an inheritance or a gift from a foreign individual that is not a US resident? I have a client whose mother is a citizen of and lives in Pakistan. She is worth a few million dollars. My associate told me there is a $500,000 limit on gifts and inheritance from abroad without tax. I find no reference to this in the revenue code. |
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Richard Noot
Joined: 20 Aug 2005
Posts: 836
Location: Minnesota
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| Posted: Sat Jul 19, 2008 1:33 pm Post subject: |
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| Any tax due would be on the donors end not the recepient. As far as how much tax that would depend on Pakistan's tax code and whether or not the U.S. has a tax treaty with that country. |
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cr34t0r
Joined: 19 Jul 2008
Posts: 2
Location: los angeles
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| Posted: Tue Jul 22, 2008 6:35 pm Post subject: |
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| There is a treaty with pakistan. I am not able however to locate exact reference to this particular matter. thanks for your response. |
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