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  • tomy pierce
    started a topic inheritance Georgia

    inheritance Georgia

    If I were to recieve an inheritance of money from distant family who died and they do not live in the USA and say its over 15 million dollars and i live in the US what kind of taxes will I pay when I bring it to the US.

  • GotSmart
    replied
    Originally posted by tomy pierce View Post
    the inheritance in question here is my fathers brothers son. My father and uncle are both deceased and his son my first cousin and his family were killed in an in a small plane. The remaining of his estate which has now been settled and the large construction company in which he owned. All taxes have been paid and all remaining money has been released for transfer. By the way the country is not in Nigeria it is in Europe. I have two younger sisters there who were the ones who notified me and we all attended the funeral. My only question was would I have to pay taxes on the money again once I brought it here.
    My appologies and condolences for your loss. Just today I recieved another solicitation from Nigeria for $10 Million from Barrister Brown Duru.

    In your case, having gone to the funeral, and knowing for a fact that this is real we can get to the legalities.

    First. Georga (your state) does not have an inheritance tax.

    Second. The amount you recieve has already been taxed as you stated. (at its origin, outside of the US)

    Third. US Taxes on the procedes. Depending on the amount you recieve, you might or might not have to pay taxes on it. From your original statement, it sounds like you will. To be safe, hire a tax attorney as you might need to immediately invest a portion to protect it from extreme taxes.

    Without knowing specifics such as you should not put on any open web site, (how much and where it is from) it is not possible to give a precise answer.

    In my searches, I did come across this.

    http://answers.google.com/answers/threadview?id=470152

    http://en.wikipedia.org/wiki/Inheritance_tax

    Thus you can see there is no easy answer on an open forum. This is one that you must pay to find out.

    Turbowray's original answer is still the best one.

    Leave a comment:


  • turbowray
    replied
    Who told you that you would have to? The lawyer handling the estate? I would call up the IRS, and see what they say. Maybe if you could prove it has allready been paid, you might not have to pay it, but I am not a lawyer, so I do not know for sure, sorry!

    Leave a comment:


  • tomy pierce
    replied
    Georgia inheritance

    the inheritance in question here is my fathers brothers son. My father and uncle are both deceased and his son my first cousin and his family were killed in an in a small plane. The remaining of his estate which has now been settled and the large construction company in which he owned. All taxes have been paid and all remaining money has been released for transfer. By the way the country is not in Nigeria it is in Europe. I have two younger sisters there who were the ones who notified me and we all attended the funeral. My only question was would I have to pay taxes on the money again once I brought it here.

    Leave a comment:


  • turbowray
    replied
    Poster, please let us know how you found out about this?

    Leave a comment:


  • GotSmart
    replied
    Originally posted by cyjeff View Post
    Yeah, but the emails are easier because email is essentially free.

    It is a bunch easier to track down a long lost relative's home address than their email address. It is MUCH easier to mail you a letter than to email you one and the costs of the letter and the mailing would be covered by the estate's costs.

    In other words, that dog won't hunt. Someone is trying to dress up a horse biscuit as a wedding cake.

    That was for Scott.
    Long before there was an internet, that scam was around.

    Horse biscuit, that is funny!

    http://www.snopes.com/inboxer/scams/inherit.asp

    Estates do hire actual "heir locators" to find missing beneficiaries, but those so engaged are paid by the estate, not by the folks they find. There are also heir locators who freelance on a contingency basis, entering into agreements with those they connect with their rightful inheritances for percentages of sums so recovered. While this might sound like the scam being described above it's not these legitimate heir locators receive payment only after estates are settled and heirs so found have received their bequests.

    Ergo, if a "locator" is asking you to pay up front, it's a scam.

    Leave a comment:


  • cyjeff
    replied
    Yeah, but the emails are easier because email is essentially free.

    It is a bunch easier to track down a long lost relative's home address than their email address. It is MUCH easier to mail you a letter than to email you one and the costs of the letter and the mailing would be covered by the estate's costs.

    In other words, that dog won't hunt. Someone is trying to dress up a horse biscuit as a wedding cake.

    That was for Scott.

    Leave a comment:


  • GotSmart
    replied
    Originally posted by cyjeff View Post
    Good catch.

    This email has been running around as a variation on the Nigerian scam.

    Ask yourself this... did they send you something in the mail or did you receive it by email.

    Basically, any email offers are scams.
    Even those that come in the mail are suspect. Look for spelling and gramerical errors. I have a nice exchange with a charity scammer, whom answered all my questions with "you deposit the checks, and send us a money order."

    He did not respond to MY offer of millions of dollars if he would just give me his phone number!

    Leave a comment:


  • cyjeff
    replied
    Good catch.

    This email has been running around as a variation on the Nigerian scam.

    Ask yourself this... did they send you something in the mail or did you receive it by email.

    Basically, any email offers are scams.

    Leave a comment:


  • GotSmart
    replied
    Let me guess

    Originally posted by tomy pierce View Post
    If I were to recieve an inheritance of money from distant family who died and they do not live in the USA and say its over 15 million dollars and i live in the US what kind of taxes will I pay when I bring it to the US.
    I bet you recieved this information from an email, by a "legal representitive" that you never heard of. Am I right?

    They are also wanting a "fee" to "process" the "paperwork".


    http://www.snopes.com/crime/fraud/nigeria.asp

    Leave a comment:


  • turbowray
    replied
    Honey, if you have that kind of money coming, I would contact a good lawyer to help you get it safely, pay any monies you may have to pay, and maybe even invest. Good luck to you, and sorry about your loss.

    Leave a comment:

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