Inhertance tax from Swiss grandma to US grandchild?
My Swiss grandma died and left me $41K in her will. I am a Swiss and US citizen, living in the US. Will I have to pay tax? I want to use the money to pay a Swiss loan down that I got to buy a house in the US. Thanks!
Personal Finance - 2 Answers
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1 :
This is two questions. Is it taxable in the US and is it taxable in Switzerland? Assuming that is the only assets that flowed to you from your grandmother in that tax year the answer in the US is no. In Switzerland you do not owe a tax, however your grandmother's estate would owe a tax to the canton she was domicile at her passing. I could not verify this to an official Swiss government page. However, several pages have the same information.
2 :
As always, go to the source. Ask the IRS and the Swiss Tax people, there may be some way that an inheritance is taxed or not, so talk to the proper authorities, and get it in writing. Best wishes
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