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inheriting from another country after getting green card

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I received my conditional visa in April of this year. My mother died in Canada last year so have been dealing with her estate as an executor during my visa process. The estate lawyer has now told me that since I have become a permanent resident they must hold back twenty five percent of my inheritance for something called compliance. I am wondering if this actually applies when I am only here on a conditional visa.

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It has to do with the fact that you're no longer a Canadian resident. Here is something on it: http://mti-cga.com/wp-content/uploads/2012/05/DISPOSITION-OF-A-CANADIAN-REAL-PROPERTY-BY-NON-RESIDENT-VENDORS.pdf

This link seems to be for selling property as a non-resident. Is that what you're doing , OP?

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I received my conditional visa in April of this year. My mother died in Canada last year so have been dealing with her estate as an executor during my visa process. The estate lawyer has now told me that since I have become a permanent resident they must hold back twenty five percent of my inheritance for something called compliance. I am wondering if this actually applies when I am only here on a conditional visa.

I think it means that 25% is held back in case there are any taxes that your Mom's estate may owe. If there was property to sell or whatever, there is likely a final Canadian tax return to be filed. Once the Canadian Revenue says okay we got everything due us from Mom, then the holdback can be released to you (minus anything that might have been used to settle up with Canada.)

You, as an American taxpayer, would not be taxed on the inheritance by the IRS unless it was over around 5 million. Your part is following IRS rules on inheritance. If after inheriting you made gains or interest/dividends on the money, that income is taxable. Example-- the day mom died she had stock or a property valued at $100,000 which you "inherited" that day. . It eventually got sold for $105,000 and the money transferred to you. You had a "gain'" of $5000. Of course the legal fees and costs to sell could reduce what you would have to claim as a gain.

Edited by Nich-Nick

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Hi there,

Was wondering what about those Green card holders who are from other countries? Will there be taxes imposed for inheritance of foreign properties?

Thanks Nich-Nick for the info!


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