No, you misunderstood. I"m talking about the money you bring into the US after
you sell the property when your parent dies, not the specific property. That's
why I said 'whatever funds you inherit". I thought it would be clear that you
can't bring the land in to the US, but the funds from the sale.


I'm talking about the money and how it affects your estate in the US after you
get money from the Canadian estate. You don't want THOSE funds to go into your
spouses US estate by putting them into marital assets. Keep the funds as YOUR
personal asset so you don't get taxed by the IRS should your spouse die before
you.


----- Original Message -----
From: cflame1
To: canadianslivinginthestates@yahoogroups.com
Sent: Monday, July 06, 2009 6:09 AM
Subject: Re: [Canadians Living in the States] Inheritance Taxes across
borders?


Not something that could be moved Cathy... it's property (farmland).

Plus it's not a spouse, it would be from my mom (now that my dad's dead).

--- In canadianslivinginthestates@yahoogroups.com, "Cathy" <sparksals@...>
wrote:
>
> You definitely need an accountant for this. But as far as the tax
implications of what you inherit in canada, it is not touched by the US... well,
until you bring it here adn it grows. You are not taxed on the original amount,
but you are on the growth once it is here.
>
> I highly encourage you to keep whatever funds you inherit in your name only
even when brought here. If you are not a USC and you survive your spouse, you
will not be entitled to the unlimited marital deduction. this will protect your
inheritence from IRS taxation if your spouse dies since it is solely in your
name. If you die before your spouse, then she is not entitled to it either
despite being a USC. Essentially, the IRS will charge tax on your money earned
in Canada. If it's a large sum, you might want to put it in a trust to ensure
it is not taxed.
>
> This is a nutshell version. You need to talk to an accountant.
>
>
> ----- Original Message -----
> From: cflame1
> To: canadianslivinginthestates@yahoogroups.com
> Sent: Sunday, July 05, 2009 8:29 PM
> Subject: [Canadians Living in the States] Inheritance Taxes across
borders?
>
>
> Just something that's been on my mind since last fall. How does it work
if I'm a non-resident Canadian, with a US green card and I inherit farmland or
other property in Canada?
>
> Who takes what? Who's taxes?
>
> Anybody know a good tax accountant that would work on Canadian farm taxes
and work at a distance for me?
>
> Not that it's likely to happen any time soon, but it never hurts to be
prepared.
>
>
>
> ------------------------------------
>
> Yahoo! Groups Links
>
>
>
>
> [Non-text portions of this message have been removed]
>




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