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velmasry
Dec 29, 2006, 07:58 AM
Our parents are American citizens and live in California,the want us to inherit their property in California. We are British citizens and live in England, do we have to pay any death /inheritors taxes in the U.S. Their assets are worth less than $1 million.
s_cianci
Dec 29, 2006, 09:50 AM
You may have to. It depends on the specific value of the estate. Speak with a probate attorney in California to be sure.
AtlantaTaxExpert
Dec 30, 2006, 08:18 AM
You will owe ZERO estate taxes on the federal level. The estate's value fall under the minimum tax level.

California law is another story. You should check out the Franchise Tax Board section of the California State Government website to determine the minimum taxation level. I suspect that the estate alsof alls under the minumum tax levels for California, but I am not sure. If you cannot find the appropriate information, send the Tax Board and e-mail and ASK!