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    MFrede4393's Avatar
    MFrede4393 Posts: 1, Reputation: 1
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    #1

    Oct 22, 2012, 01:38 PM
    Inheritance invested in Turkey
    London man inherits from Fathers estate over 8 million Father had invested in Turkey... what are procedures, taxes, fees to transfer to him in UK or USA and who pays what, when? Thank you.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Oct 22, 2012, 02:15 PM
    What's the tie in to the US here? A "London man" who has inherted poprerty in Turkey has nothing to do with the US.

    If the father was actually a US citizen, and given his estate values at more than $8 million, the executor of his estate would pay US estate taxes using the assets of the estate. Then whatever is left over gets distributed to the heirs. The US does not have an inheritance tax, so the heirs do not have to file or pay any inheritance tax. I don not know whether there are taxes due either in the UK or Turkey.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Oct 22, 2012, 05:34 PM
    ebaines has it all about covered.

    I would like to add that if there ARE taxes on the estate from either the U.K or Turkey, more than likely they can be claimed as a credit against the U.S. estate taxes.
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