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 […]
Who exactly is a Covered Expatriate?
In 2008, President Bush signed the Heroes Earnings Assistance and Relief Tax (HEART) Act. One of the major provisions of the Heart Act was to collect substantial taxes from certain United States taxpayers (whether a citizen or a permanent resident alien) who expatriated from the United States after June 16, 2008. The individuals that this […]
Is there a Federal Inheritance Tax?
It’s true. Most people think that the United States only has a federal estate tax (and yes, I know that technically there is no federal estate tax for 2010). However, the United States also has an inheritance tax that taxes certain inheritances that are received by United States citizens and permanent resident aliens if the […]
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; […]