On Oct 29, 11:09*am, "removeps-gro...[at]yahoo.com" <removeps-
gro...[at]yahoo.com> wrote:
- quote -

Since there is no estate tax filing requirement for the foreign
decedent, there is no alternative valuation date.

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- quote -

I thought you could only use the alternate valuation date if it reduced the
estate tax. And since the deceased was not a US citizen or resident, there
is no US estate tax.

--
Don EA in Upstate NY

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Oct 28, 7:28 pm, yen <yensc...[at]gmail.com> wrote:

- quote -

In addition, if you have over 10k in a foreign bank, you have to
declare the existence of the account to the Treasury Department by
June 30. The form is TD-F-90221 (http://www.irs.gov/pub/irs-pdf/
f90221.pdf). Any any interest, dividends, capital gains, even
expenses on the foreign accounts have to be declared on your IRS tax
return.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Oct 29, 5:30 am, Bill Brown <brow...[at]longwood.edu> wrote:

- quote -

Or on the alternative valuation date.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

yen <yenschew[at]gmail.com> wrote in news:56c8e951-78a4-42df-9680-
7623e51c480c[at]s50g2000hsb.googlegroups.com:

- quote -

After my father died, I inherited part of his estate. I considered the
inheritance property acquired on his date of death, with a basis as of
that date (including the sale of the house), convertible (on paper) as a
value in US$ using the rate of exchange on that date. Taxes on an estate
are paid by the estate not the person inheriting, at least in the US and
in Europe as well.

Over the years, transferring moneys from my account abroad to the US
resulted in capital gains since the US let the dollar devalue
significantly after 2001 (a beef I have with the curent administration).
In addition, any income generated by the inheritance abroad was declared
each year.

--
Best regards
Han
email address is invalid

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Oct 28, 10:28*pm, yen <yensc...[at]gmail.com> wrote:
- quote -

No. The gain on the sale is taxable. The gain is net proceeds less
basis. Basis is the fair market value of the property on the day the
citizen's father died.

- quote -

Schedule D will be completed and included with the tax return.

- quote -

The US person can do just about anything with his money that he wants.
He must report any income on his U.S. tax return.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

All,

I have some questions regarding this issue:

A US citizen inherited a property from his father 15 years ago located
in a foreign country. He sold the property recently and received $100K
from the sale. The foreign country does not levy any taxes on such
sell after 5 years of the inheritance

Question:
1) Will the $100K be tax-exempt since it's below the $2M estate tax
threshold.
2) If so, what form needs to be filled?
3) Can the US person, transfer the funds to another account (offshore
banking) to currency arbitrage on the current banking crisis?

Thanks
US Citizen :-)

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >