Inheritance from France, how does it work ?

[melusine 5]

I was just wondering how it works.

I i have the US citizenship

If i do not have the US citizenship

does it change anything ?

[1HappyGuy 45]

Inheritance by itself is not taxable to the recipient in America. However, if you have income from that inheritance such as interest, dividends, rents, capital gains, etc. then that would be taxable in America. As an American resident, you are taxed on your worldwide income, regardless of where it is earned. Now, you are also allowed to claim taxes paid to foreign countries on the same income. You should consult a CPA near you for clarification.

You should also find out what are the laws regarding removing money from any foreign country. Many countries limit the amount of money that can be removed by an individual. This is generally to keep the funds of a country from being depleted by people of means. There are also banking laws to consider if the money is considerable, these are in place for the purpose of controlling illegal funds transfers. If the inheritance is property, such as land and buildings, the rules will depend upon your use of this property. Again, consult a CPA.

When contacting a CPA, ask if they are familiar with international laws, particularily your country. Every country has particular laws designed to protect that country, so you will need to get familiar with a few of them. You might consider consulting a Chartered Accountant in France.

[melusine 5]

and..what is a CPA ??

[1HappyGuy 45]

Opps, sorry. Just being an American.

A CPA is a Certified Public Accountant. They are usually quite knowledgeable about income taxes, but finding one with international tax knowledge might be tough. The CPA is the equivalent of a Chartered Accountant in England or Canada, but I'm not sure what they are called in France.

[Lili 3]

Expert Comptable, I think.

[MIDUVIL 34]

Expert Comptable, I think.

Regarding inheritance, it's more a "notaire'' or a lawyer (+specialist of international affairs).

''Expert comptable'' is more for business.

[payxibka 10,045]

I was just wondering how it works.

I i have the US citizenship

If i do not have the US citizenship

does it change anything ?

No, once a LPR you are subject to the same taxation rules as a USC.

[Lili 3]

Expert Comptable, I think.

Regarding inheritance, it's more a "notaire'' or a lawyer (+specialist of international affairs).

''Expert comptable'' is more for business.

1happyguy was asking for the french word for chartered accountant.

[1HappyGuy 45]

I was just wondering how it works.

I i have the US citizenship

If i do not have the US citizenship

does it change anything ?

No, once a LPR you are subject to the same taxation rules as a USC.

Yes, as a resident of the United States, you are required to report all income regardless of where it is earned. However, you can claim deductions on foreign taxes paid or tax credits (usually better) on taxes paid to a foreign country. Of course, all foreign income must be converted to US dollars at the time the income was earned, but this generally is not a problem.

By the way, the tax deductions are claimed as part of the itemized deductions like medical, home mortgage interest, donations, property taxes, etc. But, because not everyone has enough itemized deductions, the tax credit method is usually better.