we're selling property overseas that was inherited. We're citizens, one naturalized, one born here. We'd like to get information on how to handle the inheritance
As you are aware there is an international inheritance tax applicable in the United States. In your circumstance, I assume the state of relevance for you is the New Jersey. The first question I would ask is where is the property located outside the country? This is important because you may be subject to tax in that country for the inheritance. That is separate to the taxation that may occur back here in NJ.
Without more information on your circumstance, it is hard to determine. Please do consult an attorney to help you navigate these murky waters. The good information here is you have identified an issue and are in the process of taking action to address it. I wish you the best of luck.
Adrian J Johnson, Esq.
This is a difficult question to answer without further facts. Look at this site for estate planning attorneys in New Jersey that handle international matters.
Mr. Lively is a Certified Tax Specialist by the State Bar of California Board of Legal Specialization. Any individual seeking legal advice for their own situation should retain their own legal counsel as this response provides information that is general in nature and not specific to any person's unique situation. Circular 230 Disclaimer - Advice given in this response cannot be used to eliminate penalties with the IRS or any other governmental agency.
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