What is the inheritance tax on a property?
There are a number of different scenarios to consider when it comes to inheritance tax, depending on how you own your property. If you own the property through a corporation, then the shares will pass to your heirs, as the property did not change hands, no transfer deeds or titles will have to be dealt with. If you own the property through a partnership, this is similar to a corporation, however, when one of the partners dies the partnership is dissolved and therefore, the title would need to be transferred and the deeds amended. If you own the property directly, your heirs will have to sile US estate tax returns for the value of the property. Non residents are liable for tax on the value of the assets inherited in excess of $60,000. Your spouse is not exempt from inheritance tax unless they are a US citizen. There are many allowable deductions which could reduce or eliminate the tax; we can arrange for a solicitor or an accountant to discuss these options with you.
