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!
You'll need to sign in or create an account to connect with an expert.
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.
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?
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. .
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Garbanzor29
Level 2
paulhyoo
New Member
cespirit
New Member
arunavs_us
New Member
Teja
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.