Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 06-20-2007, 04:48 PM
Junior Member
 
Join Date: Jun 2007
Posts: 1
What are Estate Tax Deductions for Non US Citizens

What are the implications of being a non-US citizens in terms of estate tax deductions?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 06-20-2007, 05:21 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
US Estate Tax Exemptions for Non-US Citizens!

Thats an excellent question. Clearly, the US Estate Tax law is applied less favorably with respect to the Non-US Citizens.

US CITIZENS ONLY
In general, for tax year's 2006 and 2007, the US Estate Tax Law allows US Citizens an exemption from estate taxes for $2,000,000. In other words, the $2,000,000 may be transferred free of US Estate Taxes. For tax year 2009, this exemption amount is now raised to $3,500,000.

NON-US CITIZENS
The US Estate Tax Law does not favor Non-US Citizens, in that they allow a substantially reduced estate tax exemption amount, and for tax year 2006 this amount is only $60,000. The Estate Tax Law allows only $60,000 of US situs assets to be transferred free of US estate tax.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning