Kiwi Bills fan Posted March 6, 2007 Share Posted March 6, 2007 Hey guys. Wondering if some of you tax guys could help me out or point to where I could find some information. I'm a US citizen living overseas and have been told to get my "ducks in a row" about finding information regarding sending inheritance to me. (My father is not doing well. ) Anyway... apart from the standard inheritance tax that will be taken in the US... will there be any additional taxes when I have the money wired to me? Any advice would be greatly appreciated. Go Bills Link to comment Share on other sites More sharing options...
swede316 Posted March 6, 2007 Share Posted March 6, 2007 Sorry to hear about your dad. Do you currently pay U.S. taxes? As long as you don't have dual citizenship and aren't required to pay tax in NZ, you would be liable for U.S. Federal and State taxes only but don't quote me. Not sure about NZ but I pay U.S. taxes here in Aust. and don't have to worry about Australian tax. You might find the absolute correct answer here: http://www.irs.gov/faqs/faq13-7.html It'll probably cost you $25.00 to get the money wired, atleast my bank does. Link to comment Share on other sites More sharing options...
The Poojer Posted March 6, 2007 Share Posted March 6, 2007 i want to live in australia or new zealand...maybe i can telecommute from there..ya think circuit city would allow that...those 2 places just seem as close to a civilized paradise as there is on earth Link to comment Share on other sites More sharing options...
Just Jack Posted March 6, 2007 Share Posted March 6, 2007 i want to live in australia or new zealand...maybe i can telecommute from there..ya think circuit city would allow that...those 2 places just seem as close to a civilized paradise as there is on earth From what I saw/heard when I was there, Auckland is the only place you wouldn't want to be, based on traffic and cost of living. Think of it being like a smaller version of New York City. Link to comment Share on other sites More sharing options...
swede316 Posted March 6, 2007 Share Posted March 6, 2007 those 2 places just seem as close to a civilized paradise as there is on earth No place is paradise....This town has it's fair share of problems....Drunk Aborigines being the main one....but that is another story for another day. Link to comment Share on other sites More sharing options...
The Poojer Posted March 6, 2007 Share Posted March 6, 2007 Drunk Aborigines?????? Yowser, it is Paradise!!!! No place is paradise....This town has it's fair share of problems....Drunk Aborigines being the main one....but that is another story for another day. Link to comment Share on other sites More sharing options...
tennesseeboy Posted March 6, 2007 Share Posted March 6, 2007 Sorry to hear bout your dad...keep him in my prayers. Link to comment Share on other sites More sharing options...
Chef Jim Posted March 6, 2007 Share Posted March 6, 2007 Anyway... apart from the standard inheritance tax that will be taken in the USGo Bills Sorry about your dad. Standard inheritance tax? How big is his estate? Is your mom still living? Is there a trust? Link to comment Share on other sites More sharing options...
Fan in San Diego Posted March 6, 2007 Share Posted March 6, 2007 Talk to a tax attorney and CPA. Setup a trust fund ! Link to comment Share on other sites More sharing options...
Kiwi Bills fan Posted March 6, 2007 Author Share Posted March 6, 2007 From what I saw/heard when I was there, Auckland is the only place you wouldn't want to be, based on traffic and cost of living. Think of it being like a smaller version of New York City. Although I wouldn't ever live in Auckland... I really won't compare it to NYC. It kinda reminds me of a smaller, sunny Seattle. Link to comment Share on other sites More sharing options...
Kiwi Bills fan Posted March 6, 2007 Author Share Posted March 6, 2007 No place is paradise....This town has it's fair share of problems....Drunk Aborigines being the main one....but that is another story for another day. Paradise for one may not be paradise for another. Do I personally think I live in Paradise? Hell ya! There has not been a single day in the year and a half since moving here that my wife and I haven't spoken about how great it is here. As far as my previous Auckland post... check this out... New Zealand has about 4 millions people. 75% of them live in the North Island. Over 50% of those people live in Auckland! I live on the Top of the South Island where there are amazing golden beaches at my front-doorstep and the Southern Alps on my back-doorstep. Golden Bay is on my west and the Marlborough Sounds on my East. The entire top o' the South has about 80,000 people (60,000 here in the Nelson area) and you need to travel over 6 hours to get to any city. (Christchurch) So, if you're like me and like to be away from mass crowds, traffic, pollution... and enjoy, sea kayaking, fishing, hiking, mtn biking, camping... Nelson IS paradise. Add to that that it's also a world class wine region, the most sunshine hours in NZ (but still with 4 distinct seasons) and almost zero crime I feel like I've died and gone to heaven. There are other paradises in the world too... it just depends what you're looking for. I just happened to have found mine. For those who haven't seen my little slideshow... click below. Link to comment Share on other sites More sharing options...
Kiwi Bills fan Posted March 6, 2007 Author Share Posted March 6, 2007 Sorry about your dad. Standard inheritance tax? How big is his estate? Is your mom still living? Is there a trust? Bigger than I thought. No, mom died in '99 There is already a trust set up. I'm just curious if the US is going to ding me when I try to take this money out of the country. Link to comment Share on other sites More sharing options...
mead107 Posted March 6, 2007 Share Posted March 6, 2007 SO what tattoo are you getting ??? prayers for your dad . Link to comment Share on other sites More sharing options...
Chef Jim Posted March 6, 2007 Share Posted March 6, 2007 Bigger than I thought. No, mom died in '99 There is already a trust set up. I'm just curious if the US is going to ding me when I try to take this money out of the country. If your parents set up an A/B trust before your mom passed and their estate is less than $4mil (assuming they've done no major gifting) there should be no estate (inheritance) tax. However, depending on what type of assets (IRAs for instance) there could be some income taxes. But most of his estate will step up in cost basis for you when he dies as long as you hold nothing in joint tenancy with him. I don't know how the IRS will handle you trying to take the money out of the country, but I assume they will just tax you as a citizen when you receive it and then you can do what you want with it. First step, find a very good CPA and have a very good estate attorney review the trust. Good luck! Link to comment Share on other sites More sharing options...
Chef Jim Posted March 6, 2007 Share Posted March 6, 2007 Oh, BTW, how the Kiwis will tax this is a whooooole other story. Link to comment Share on other sites More sharing options...
Kiwi Bills fan Posted March 6, 2007 Author Share Posted March 6, 2007 If your parents set up an A/B trust before your mom passed and their estate is less than $4mil (assuming they've done no major gifting) there should be no estate (inheritance) tax. However, depending on what type of assets (IRAs for instance) there could be some income taxes. But most of his estate will step up in cost basis for you when he dies as long as you hold nothing in joint tenancy with him. I don't know how the IRS will handle you trying to take the money out of the country, but I assume they will just tax you as a citizen when you receive it and then you can do what you want with it. First step, find a very good CPA and have a very good estate attorney review the trust. Good luck! Thanks for that Jim Link to comment Share on other sites More sharing options...
Just Jack Posted March 6, 2007 Share Posted March 6, 2007 As far as my previous Auckland post... check this out...New Zealand has about 4 millions people. 75% of them live in the North Island. Over 50% of those people live in Auckland! The way it was explained to us, was that 1/3 live in Auckland, another 1/3 on the North Island, the last 1/3 on the South Island. We went through some of Fjordland, namely Milford, Thompson, and Dusky Sound. We also had stops in Dunedin, and Chirsthurch. On the North Island, we stopped at Mt. Maunganui and ending in Auckland. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted March 7, 2007 Share Posted March 7, 2007 Although I wouldn't ever live in Auckland... I really won't compare it to NYC. It kinda reminds me of a smaller, sunny Seattle. Isn't Auckland the same latitude SOUTH as Chicago is NORTH? Wow! What a difference a marine climate makes! Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted March 7, 2007 Share Posted March 7, 2007 Wasn't there a stat out there on how wealth is created... And mainly in the US... Wasn't it something like +95% of ALL wealth is created through inheritence? I guess you can safely say... Screw the hard work and pray for a rich inheritence... Good luck to you Kiwi... And sorry to hear about your dad... All my prayers... Link to comment Share on other sites More sharing options...
The Poojer Posted March 7, 2007 Share Posted March 7, 2007 but what about the economy and job market? Paradise for one may not be paradise for another.Do I personally think I live in Paradise? Hell ya! There has not been a single day in the year and a half since moving here that my wife and I haven't spoken about how great it is here. As far as my previous Auckland post... check this out... New Zealand has about 4 millions people. 75% of them live in the North Island. Over 50% of those people live in Auckland! I live on the Top of the South Island where there are amazing golden beaches at my front-doorstep and the Southern Alps on my back-doorstep. Golden Bay is on my west and the Marlborough Sounds on my East. The entire top o' the South has about 80,000 people (60,000 here in the Nelson area) and you need to travel over 6 hours to get to any city. (Christchurch) So, if you're like me and like to be away from mass crowds, traffic, pollution... and enjoy, sea kayaking, fishing, hiking, mtn biking, camping... Nelson IS paradise. Add to that that it's also a world class wine region, the most sunshine hours in NZ (but still with 4 distinct seasons) and almost zero crime I feel like I've died and gone to heaven. There are other paradises in the world too... it just depends what you're looking for. I just happened to have found mine. For those who haven't seen my little slideshow... click below. Link to comment Share on other sites More sharing options...
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