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NFT: Tax on inheritance?

mattlawson : 7/10/2018 11:06 am
Iím getting a little bit of money from a distant Nigerian uncle who apparently is of royal decent. Is there any tax I have to pay or hidden fees that I need to be aware of?
I have an uncle with a similar background  
Vanzetti : 7/10/2018 11:15 am : link
Maybe we are related?
Send me your social security number  
bceagle05 : 7/10/2018 11:27 am : link
and I'll look into it for you.
Make sure to wire a few thousand to his account first  
Jim in Fairfax : 7/10/2018 11:44 am : link
To make sure the connection works. Donít want to take chances.
Righto  
mattlawson : 7/10/2018 2:03 pm : link
But is there any tax I have to pay? All I know is the Shawshank rooftop scene where he asks the guy if his wife would double cross him
hey  
PaulBlakeTSU : 7/10/2018 3:06 pm : link
at least he's decent.
Inheritance tax  
fbdad : 7/10/2018 3:10 pm : link
There is no tax on receiving an inheritance in the US. The estate tax is technically a tax on giving money away, not on receiving it. That may seem like a semantics difference if you know that Grandpa died with $10 million but you only get $8.2 million because the amount was taxed before it got to you. However the point is that there won't be a further reduction from taxes to whatever amount you get.

That's from American taxation. I have no idea what the laws are in Nigeria but bet that they don't have a real good way of collecting taxes from American's anyway.
RE: Inheritance tax  
Bill in UT : 7/10/2018 3:12 pm : link
In comment 14010026 fbdad said:
Quote:
There is no tax on receiving an inheritance in the US. The estate tax is technically a tax on giving money away, not on receiving it. That may seem like a semantics difference if you know that Grandpa died with $10 million but you only get $8.2 million because the amount was taxed before it got to you. However the point is that there won't be a further reduction from taxes to whatever amount you get.

That's from American taxation. I have no idea what the laws are in Nigeria but bet that they don't have a real good way of collecting taxes from American's anyway.


Great news, Matt, lol. Spend it wisely
Inheritance Tax  
Jim in Fairfax : 7/10/2018 3:18 pm : link
While there's no federal inheritance tax, a few states do including NJ.
Just to be safe I've opened up an  
Larry in Pencilvania : 7/10/2018 5:32 pm : link
Offshore holding account that's tax free in the name of Larry Pencilvania. It's totally safe and legal
Lawson is a racist name.  
manh george : 7/10/2018 5:41 pm : link
How much is Lawdaughter going to get from the Nigerians?
Glad to see someone with some good fortune  
steve in ky : 7/10/2018 6:47 pm : link
I got a phone call and apparently the IRS is going to issue an arrest warrant out unless I send them some money.
hoodwink  
gtt350 : 7/10/2018 8:09 pm : link
.
RE: Glad to see someone with some good fortune  
short lease : 7/10/2018 9:39 pm : link
In comment 14010228 steve in ky said:
Quote:
I got a phone call and apparently the IRS is going to issue an arrest warrant out unless I send them some money.


Holy crap ... me to. I have 24 hours to respond. I never had problems with the IRS before. I am calling them tomorrow.
Mr. Lawson, Do you  
madgiantscow009 : 7/10/2018 9:41 pm : link
trust your wife?
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