View Full Version : Inheritance tax in California?
Jolin
Nov 18, 2010, 04:47 AM
My husband's unlce died 2 years back and left him an antique car in California. We recently found a buyer for it. My question is, do we have to pay any taxes on the USD 20,000 proceeds? We live in the UK. Also, what is our rights with regards to his will? We did not receive a copy of his will.
Thanks.
ebaines
Nov 18, 2010, 07:06 AM
First, there is no inheritance tax in CA, nor is there a federal inheritance tax, so your husband owes nothing on having inherited the car two years ago.
But now that he is selling it he may have a capital gains tax issue. If the proceeds he receives are greater than what the fair market value of the car was on the date of death of his uncle, then that excess is considered to be a capital gain and must be reported. However, as a foreign national he doesn't need to file a US tax return unless his US-based income is at least $3650 (the amount of the personal exemption).
As for the will - once the will is probated it is a public document, available to anyone who asks. You should be able to to get a copy from the probate court. However, the executor is supposed to provide a copy to anyone who is a beneficiary of the estate, which includes your husband. Your husband should call the executor and ask for a copy.
Jolin
Nov 18, 2010, 07:42 AM
Thank you very much for your advice!