Ask Experts Questions for FREE Help !
    zap100's Avatar
    zap100 Posts: 10, Reputation: 1
    New Member

    Feb 10, 2008, 01:51 PM
    Estate Tax when beneficiary is Non-US citizen
    As a non US citizen with a deceased spouse, how do I find out if the insurance money that I get is taxed through the estate tax?

    I know that if the amount I receive from the spouse exceeds 2,000,000 then it is subject to a 45% estate tax.

    Do my spouses different life insurance policies through their employer get treated any differently then policies they took out on their own?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,772, Reputation: 846
    Senior Tax Expert

    Feb 20, 2008, 11:27 AM
    If the insurance policy has the ESTATE listed as the benficiary, then estate taxes may be assesed.

    If YOU are the primary or secondary beneficiary of the insurance policy (be it employer-based or individually-owned), then there are NO estate or income tax liability at all.
    Karons's Avatar
    Karons Posts: 1, Reputation: 1
    New Member

    Feb 20, 2008, 01:45 PM
    If inheriting from out of the country do you have to pay taxes,when the money is in an account beloning to you out of the country? When transferring the money to the U.S. is there taxes to be taken care of?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,772, Reputation: 846
    Senior Tax Expert

    Mar 6, 2008, 01:26 PM
    You do NOT have to pay taxes, but you may be required to explain from where the money came.

    The bank can help you with that process.

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

Income tax for senior citizen [ 3 Answers ]

Dear Sir, I am a resident Indian senior citizen. I am retired from the government service and getting pension. I wanted to know my tax liability for the year with following earnings: -Income from Pension= 96000/- per year -Income from Short term capital gain (selling shares)-150000/- i.e....

Estate Tax, Trust Co Tax, Affect on Income bracket [ 1 Answers ]

I am receiving $5,000 from a Trust Company my grandparents set up for when they pass on. I was told that the Trust Company would tax that $5,000 dollars, is that proper and can anyone cite specific references? Further, I understand that money will not be taxed by the IRS but will it affect my...

2 year tax exemption for Hungarian citizen in the US [ 1 Answers ]

Hi, I am a Hungarian citizen, I came to Oregon in 2005 (April 14th), and have been working at the university (OHSU) as research instructor since April 15th. I have a J1 visa. According to the Hungarian Tax Treaty (Article 17 I think) I have been exempt from all income taxes (Federal, State, SS...

401(k) Withdrawal State Tax for Non-US Citizen [ 1 Answers ]

I am a non-US citizen currently working in CA. I plan to early retire this year and move overseas. What should I do with my 401(k) money in order to minimize tax burden? 1) Should I rollover to IRA? 2) From reading a few threads, I know that I will have to pay federal tax. Let's say I move...

Non resident tax exemption for Italian citizen? [ 5 Answers ]

Hello, I am an Italian MD doing a research fellowship in one of the Harvard Medical School hospitals. I am here on a J-1 visa, arrived last June and leaving next July. I am filing my tax return now, and I don't know if I can apply for the exemption based on the treaty with Italy or not. I have...

View more questions Search