Legal Question in Wills and Trusts in France

Inheriting foreign property and paying tax in US

My father recently passed away and left his home

in France to me. I am in the process of paying the

succession tax in France, and am being charged

tax here in the U.S. as well. I don't think I should

have to pay tax twice on the same property. Why

can the U.S. tax me for property in another

country? I have also heard about a type of rebate

that France will supposedly pay me when they

see that I've paid taxes in the U.S. This doesn't

sound right to me either. Can you explain?

Also, does living in Florida give me any type of

exemption on inheritance taxes here? My father

was a resident of Florida, as am I.

thank you

Asked on 1/18/02, 7:29 am

2 Answers from Attorneys

Anthony Comparetto Comparetto Law Firm

Re: Inheriting foreign property and paying tax in US

Your question is too complex for a simple internet answer. You are dealing with the tax structure of two countries. Sit down with a attorney and c.p.a. to work it out.

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Answered on 1/18/02, 10:38 am

Sanford Martin Martin Law Office

Re: Inheriting foreign property and paying tax in US

You ask several questions without providing all relevant information. First, Florida estate tax is based on your Federal estate tax. If you owe no Federal estate tax, you owe no Florida estate (or inheritance) tax. Second, in international taxation, it is common for one taxing jurisdiction (e.g., France) to give you credit for taxes paid in the other taxing jurisdiction (e.g., Florida). Third, you don't indicate whether probate is involved, in which case the Personal Representative would be responsible for these tax issues. Fourth, you or the estate may have income tax issues such as capital gains to pay, in which tax returns may be required for both France and U.S. You are advised to consult with a tax attorney or C.P.A. experienced in international transactions.

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Answered on 1/18/02, 12:51 pm

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