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Recent News and Articles on the Keywords: foreign + property + inheriting  Related to the article below (Last Update: 8/4/2008)


Times Online
How to move to France
Times Online, UK - Aug 1, 2008
The Law Society can supply lists of British firms with foreign-speaking solicitors, or those with links to French firms. Once you have found the property ...

Overseas Property and Investment News
Egypt attracts foreign investors
Overseas Property and Investment News, UK - Jul 22, 2008
More and more foreign property investors are choosing to enter the Egyptian market, it has been revealed. According to Property Wire, the African country is ...
Wonder women
Telegraph.co.uk, United Kingdom - Jul 31, 2008
For property, the Land Registry has been consulted and for inheritance the Probate Office. Where two entrants on the list share the same estimated wealth, ...
The syndrome of one-time exceptions and the drive to establish the ...
Daily Star - Lebanon, Lebanon - Jul 27, 2008
Article 228 of the Law on Real Property provided six ways in which the right to real property may be acquired. These were by (1) inheritance, ...

PR-Inside.com (Pressemitteilung)
Albania - The Last Property Hotspot to be discovered in Europe.
PR-Inside.com (Pressemitteilung), Austria - Jul 20, 2008
Property market for foreign investors has been active for the last year thanks to Albanian legislation with no restrictions for non residents to buy or ...
The Final State Of Expatriation
Mondaq News Alerts (subscription), UK - Jul 23, 2008
20 In addition, if during the 10-year period following expatriation a taxpayer contributed property giving rise to US source income to a foreign corporation ...

Times Online
Fame and Fortune: Claire Goose
Times Online, UK - Jul 19, 2008
When my grandparents died, my parents had to sell their property within six months to pay the inheritance-tax bill. It was really awful. ...
Property Lease in Thailand
Asia Property Report, Thailand - Jul 9, 2008
Leasehold is a frequent choice of property developers and foreign buyers. It means renting property and is regarded as an alternative to freehold ownership. ...
Let's all have tickets to the universal museum
Times Online, UK - Jul 9, 2008
That simple, brilliant idea is now under assault from the concept of ?cultural property?, part of a worldwide struggle over ownership of the past. ...
Living versus Surviving
Russia Profile, Russia - Aug 1, 2008
On the other hand, the Soviet regime left an inheritance of a rather adequate healthcare system, which still functions properly, and somehow did so even ...
Source: Google News

… an object oriented development environment employing property inheritance using prototypical … -
RE Berry, A Shukla - US Patent 5,732,271, 1998 - freepatentsonline.com
... Foreign References: ... an object hierarchy utilizing property inheritance, said object
hierarchy associated with ... means for said derived object to inherit one or ...

A View Mechanism for Object-Oriented Databases -
E Bertino - Proceedings of the 3rd International Conference on Extending …, 1992 - Springer
... foreign price as an additional property (as we ... Changes to the inheritance hierarchy
Primitives for modifying the inheritance hierarchy include the addition ...

An overview of PCTE and PCTE+
G Boudier, F Gallo, R Minot, I Thomas - Proceedings of the third ACM SIGSOFT/SIGPLAN software …, 1989 - portal.acm.org
... an indication of whether the property is automatically ... of reference objects currently
defined - user-defined inheritance. ... Foreign Systems and Foreign Processes ...

[BOOK] Unnaturally French: Foreign Citizens in the Old Regime and After
P Sahlins - 2004 - books.google.com
... Foreign citizens were sub- ject to periodic taxes ... property confiscations, lawsuits
over inherited property, and other ... but who were unable to inherit or bequeath ...

-
VV Meekison - Am. J. Int'l L., 1950 - HeinOnline
... in the United States to inherit property in California upon (1) the existence of
reciprocal inheritance rights in ... of persons dying in such foreign country.31 ...

Materialization [database design]
RC Goldstein, VC Storey - Knowledge and Data Engineering, IEEE Transactions on, 1994 - ieeexplore.ieee.org
... The first query illustrates simple inheritance from the conceptual ... of a noninheritable
property of the conceptual entity based on a ... of its key or a foreign key ...

[CITATION] INDEX DIGEST
I PROPERTY - VANDERBILT LAW REVIEW, 1989 - HeinOnline

[BOOK] Women and Property in Early Modern England -
AL Erickson - 1993 - books.google.com
... of ten thousand'8 are not so foreign to the ... prior to 1700, if they mention property,
refer to ... as evidence of mercenary attitudes in marriage and inheritance. ...

[CITATION] Aliens in Foreign Systems
W Burge - … Commentaries on Colonial and Foreign Laws (Alexander Wood …, 1908 - HeinOnline

Dateline Main Street: Local Foreign Policies -
MH Shuman - Foreign Policy, 1986 - JSTOR
... could interfere with municipal foreign policies where ... let a resident alien inherit
property because the ... country barred US residents from inheriting property. ...

Source: Google Scholar
 
 

Inheriting foreign property

My wife is a beneficiary of her father's estate. He owned property in Croatia that is currently in the process of being sold. What are the tax implications in the U.S. of selling inherited property outside the U.S.?

Article continues below and (thank you)
 

I saw your article about the property sold in India. This is slightly different because it is an estate issue. All the IRS told me is that if the property value is different on the date of sale from when my father-in-law passed away, then there would be a tax implication. Essentially, is the treatment of this inherited foreign property the same as if it were in the U.S.?
-- Scott

Dear Scott,
It sounds like you got the right advice from the Internal Revenue Service, but let me elaborate. The basis for determining gain or loss on the sale of inherited property is its fair market value on the date of death of the decedent. This is true no matter where the property is located. If after the date of death the value changes up or down, you will have a gain or loss, respectively.

In addition, the selling expenses will reduce the amount of gain or increase the amount of loss. Fluctuations in currency values between the date of death and the selling date can also lead to additional gain or loss.

You may also be required to disclose the inheritance to the IRS based on its value regardless of potential gain or loss. Form 3520 is used to report foreign inheritances valued in excess of $100,000. Form 3520 is due by the due date of your individual return for the year of inheritance, but it is mailed separately from your return to the IRS service center in Philadelphia.
 
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