Japan Institutes Exit Tax
Effective July 1, 2015, Japan will institute an “Exit Tax” on Japanese residents. If a Japanese resident has lived in Japan for 5 of the last 10 years and then moves to another country (or gives up residence), the Exit Tax will create a deemed sale of all of such person’s assets, triggering capital gains. […]
Japanese Inheritance Tax vs. US Estate Tax (2014 Update)
BRIEF OVERVIEW OFJAPANESE INHERITANCE AND GIFT TAXESvs.AMERICAN ESTATE AND GIFT TAXES (2014 Update) I. Estate Taxes A. America 1. If the Decedent is a Citizen or Permanent Resident Tax on Worldwide property (credit for taxes paid to foreign countries) Exemption of $5,340,000 in 2014 (indexed for inflation). For married couples, the exemption amount is $10,680,000 […]
United States – Japan Estate, Inheritance & Gift Tax Treaty
My links to this have expired and it always takes me forever to find the treaty, so I’m going to reprint the whole thing here. Hopefully it is accurate: JAPAN ESTATE AND GIFT TAX TREATY UNITED STATES- JAPAN ESTATE, INHERITANCE, AND GIFT TAX TREATY [Signed 4/16/54] ARTICLE I The taxes referred to in the present […]
Gifting to US residents – who pays the gift tax?
I am frequently asked some variation of this question: “My father is a citizen of country X, and wants to make a gift to me. Is there any tax?” I then get to give a lawyer’s favorite answer. It depends. It depends: Where is the person making the gift (the “Donor”) domiciled? What is the […]
Japanese Inheritance Tax vs. US Estate Tax
BRIEF OVERVIEW OFJAPANESE INHERITANCE AND GIFT TAXESvs.AMERICAN ESTATE AND GIFT TAXES NOTE: This information has been updated. The new post can be found at: http://willstrustsestates.blogspot.com/2014/08/japanese-inheritance-tax-vs-us-estate.html I. Estate Taxes A. America 1. Citizens and Permanent Residents a. Tax on Worldwide property (credit for taxes paid to foreign countries)b. Exemption of $2,000,000 in 2006; $3,500,000 in 2009; […]