Discussion:Estate tax payment
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Discussion Forum Index --> Consumer Questions --> Estate tax payment
| 22 October 2009 | |
| I have a US citizen, which is living in Canada, his fahter is dying. His father has an estate of around 6 000 000. Who is responsible for the estate tax | |
| 22 October 2009 | |
| You do not sound like a tax professional - and this situation needs for you to hire one. | |
| 22 October 2009 | |
| I am a tax professionnal in Canada and I have a customer which is a US Citizen | |
| 22 October 2009 | |
| Any estate tax would be owed by the estate of the deceased father. If father is a US Citizen then subject to US estate taxes. Possibly also Canadian estate taxes since a resident there?
If father is a Canadian citizen probably only Canadian estate taxes. This is not determined by citizenship of the heirs. U. S. estate tax is based on the value of the assets at death. U. S. estates are also subject to income tax. The decedent has to file a final income tax return for the partial year up to date of death. Estate then files an income tax return for the balance of that first year. Continues to file annual income tax returns until the assets are all distributed to the heirs. Heirs will receive whatever is left after all tax obligations are met. | |
| 22 October 2009 | |
| And if U. S. estate and income tax returns are needed, a U. S. tax professional should be hired ASAP. | |
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