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Updated over 6 years ago,
Non U.S. Citizen + Buy property = 40% taxed upon death?
I am wondering if there is anyone else noticed about this issue, if you are a non U.S. Citizen you don't get 5 million U.S. dollar tax exemption and it doesn't seem likely possible to have an workaround for this (e.g. living trust)
My dad, who is age 65, doesn't speak English ,invested about 7 million U.S dollar worth of property in commercial and residential property(houses, stores, offices) , from his personal fund a few years ago, investment are doing fine ,however, recently I discover that there is no way for him to leave his asset to me after he passed away without an heavy tax because he is Chinese national, I asked with my dad's accountant ,property manager, and Everwill , they have no clue how to solve this problem and Everwill told me the living trust will not able to help on estate tax if he is not a U.S. Citizen.
before I tell my dad he have to sell the property and move his money outside of U.S. I still feel I am missing something, because if this is the case, no one will invest in this country, so I asked my question in here.
Any suggestion is appreciated!