Inheritance from aunt in US

digitalsystem

Hi, I just learned that aunt of mine who died earlier this year left me some money in her will. She had lived in the US for last 40+ years. The funds are in dollars and I'm told I'll get a check to lodge in the bank.

Question: Does the CAT threshold for group B apply in this scenario given she was based in US?

NSAman

https://www.boards.ie/discussion/2058264637/inheritance-from-aunt-in-us

Dont use a check. Try to get them to transfer it directly. Cost for US check cashing are extortionate in Ireland.

digitalsystem

Will try and see what's possible with the company that is holding the funds. Do you know about the tax implications?

tax_tutor1

The inheritance will be within charge to Irish CAT assuming you are Irish tax resident, with normal rules applying in relation to class threshold (a lifetime limit for benefits from persons in same class). You may also need to consider the possibility of US tax on the inheritance.

digitalsystem

Thanks for the reply. Yes, tax resident here. Hadn't thought about US tax, will try and find out more about that

Count Dracula

https://www.boards.ie/discussion/comment/119657412#Comment_119657412

How much?

towger

https://www.irishtimes.com/business/personal-finance/is-irish-tax-due-on-us-inheritance-1.3342342

you may not be liable for tax.

https://www.revenue.ie/en/gains-gifts-and-inheritance/credits-you-can-claim-against-cat/double-taxation-relief-usa.aspx

Count Dracula

https://www.boards.ie/discussion/comment/119657430#Comment_119657430

What is your nationality and where do you currently reside?

towger

https://www.boards.ie/discussion/comment/119657412#Comment_119657412

Plus lodging a foreign cheque in an Irish bank is a pain and may take ages to clear. Get them to Wire to you, ideally to your Revolut account if you have one so you get the best FX rate.

digitalsystem

https://www.boards.ie/discussion/comment/119657527#Comment_119657527

Irish and in Ireland

digitalsystem

https://www.boards.ie/discussion/comment/119657516#Comment_119657516

Maybe a stupid question, but it's this the sort of thing you can call/email revenue on to clarify liability?

Count Dracula

There are tax free options available if your relation's estate has already been taxed in the US.

If not you will pay 33% on anything over 37500, or thereabouts.

Not sure about cheque v bank, but surely the bank would be handier?