Quote:
Originally Posted by benhogan
2010 is a great year to die. No estate tax.
To answer your question- No estate taxes are due. He can have the money wired over as one lump sum. No need to declare anything unless the IRS questions it later on.
Just make sure that he and his spouse are US citizens and the decedent (the relative who died) expired in 2010.
If his spouse is not a US citizen, it changes things quite a bit.
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He's not married. The relative (his father) died in 2006, however between actually inheriting the property (going through the European process etc) , deciding to put it up for sale, waiting for a buyer to surface etc, he's selling it now.
Don't know if that changes anything?
George
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George Androulakis
Former Mb's:
1990 500sl R129 - 76k Original Miles - New project - Follow the saga
http://90r129.blogspot.com/
1990 190E 2.6 148k mi (sold)
1989 420 SEL 246k mi (sold)
1995 C220 175k mi (sold)
1992 190e 2.6 74k original miles (sold)
2000 c230 Kompressor 122k miles (RIP)
1996 C220 149k mi (sold)
2000 C230 Kompressor Sport 127k (sold)
Current Cars:
2009 Mercedes c300 4matic
2006 Mercedes s430
2005 Jaguar XJR
2003 Cadillac Escalade