PeachParts Mercedes-Benz Forum - View Single Post

96C220 · #11 11-05-2010, 12:27 PM

Quote:

Originally Posted by jcyuhn

The estate tax law which applies is that in effect the year his father passed, so 2006. The 2006 estate exemption was $2M. If the amount of his inheritance is less than $2M he is good to go. If it exceeds $2M (based its value in 2006, not value today) then he owes taxes, and is quite likely delinquent and will owe interest and penalties.

Assuming he has a CPA and/or tax attorney handling the estate, he needs to sit down and have a chat. If he doesn't - well, it's time to hire them. His dad needed to file a 2006 tax return even though he was dead

- hope this was done.

I've now exceeded the limits of my knowledge on this topic...

Spoke to my friend briefly regarding your questions.

From my understanding, the value is less than $2M, (It's being sold for 1.2M - 800,000 euro now, but how to determine the value in 06?)

There was a joint returned filed with his surviving spouse in 2006. There was no CPA / Tax Attorney involved Stateside at the time of his passing, because he had retired back to his homeland, and essentially owned nothing in the States, besides a home which was Jointly owned with his wife, (and she has title to now), and a small joint bank account which she also kept. This particular property was willed to the son (my friend), However there was no US will, just a Greek one. The stepmom has been amicable, and respected her husband's wishes, as far as the son inheriting the property.

Is the 2M cap on the Entire Estate (I believe the US home is worth somewhere in the 4-500k range - does it even qualify since it was jointly owned?) Or on an inheritance willed to a particular individual.

George
T