US Resident Alien - Canadian Inheritance over $100,000
Moderator: Mark T Serbinski CA CPA
US Resident Alien - Canadian Inheritance over $100,000
I am a Canadian Citizen, US Resident Alien / taxpayer who is inheriting approximately $200,000 - $215,000 from canada. I am receiving $90,000 from mom's RRIF account this month and the balance of real estate & investments will go into estate for probate/taxes etc. Since US allows a $100,000 gift / year, does it benefit me to only take the $90,000 this year and the balance in 2013? Will I only pay taxes on balance above the $100,000 gift threshold? Will they be deducted in Canada or due on US tax return?
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US allows unlimited gifts from foreigners, not $100K limit. As lanman says, only gifts over $100K must be reported on 3520, but this brings no US tax.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
No. It depends what gains YOU make. The estate is still Cdn until you take it, so will be subject to Cdn tax as such, only once it is yours, then the money YOU make might be taxed in Canada, but not interest, and not cap gains except on property.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best