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New Member

Do I need to pay inheritance tax ? - I am a non us citizen living abroad, and my brother was a US citizen

My brother that was a US citizen passed away and he left me and y brother a small property in the states (total value of the estate is less than 200K). I want to know if we need to pay any estate tax or inheritance tax on the money that I will get when we sell it, and transfer the money to r our home country (we are NOT  US citizens. Thanks!

 

 

 

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Expert Alumni

Do I need to pay inheritance tax ? - I am a non us citizen living abroad, and my brother was a US citizen

Yes. If you sell the property at a gain, there will be a capital gains tax. You do not pay estate tax or inheritance tax. The basis of the property will be the Fair Market Value on the date of death. If you sell it immediately, there should be no gain. If it appreciates in value, then there would be gain.

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New Member

Do I need to pay inheritance tax ? - I am a non us citizen living abroad, and my brother was a US citizen

How do we go about paying a capital gains tax when you are not a citizen and you sell an inherited property in the USA?

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Expert Alumni

Do I need to pay inheritance tax ? - I am a non us citizen living abroad, and my brother was a US citizen

You may need to file a 1040 NR tax return if you received gross income from US sources. Gross income means all income you received in the form of money, goods, property, and services that is not exempt from tax. This includes capital gains transactions.  Please read this link, from the IRS for more details. . 

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