What is the taxation of foreign inheritances?

In California, foreign inheritances are taxed differently depending on whether the inheritance is from a non-resident or a resident of the United States. For non-resident inheritances, the general rule is that the estate of the deceased person is subject to a federal estate tax. This tax is paid by the estate and is based on the total value of the property owned or transferred by the deceased person. Additionally, the state of California has its own estate tax, also based on the total value of the property owned or transferred by the deceased person, that may apply as well. For resident inheritances, the taxation of the estate may differ depending on the value of the property owned or transferred by the deceased person. Generally, if the value of the estate is over a certain amount, the estate may be subject to federal estate and state taxes. In addition to these taxes, the beneficiary may be required to pay an inheritance tax on their share of the estate. This tax is imposed and collected by California and is based on the amount of money or property that the beneficiary receives from the estate. Overall, the taxation of foreign inheritances in California can be complex, so it is important to consult a professional tax advisor to determine the best way to handle the taxation of your particular inheritance.

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What is the taxation of foreign inheritances?

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