What are the income tax consequences when I inherit my foreign parent's U.S. LLC?
My mother was a non-resident alien who owned a single-member U.S. LLC that holds rental properties. She recently passed away and I (a U.S. citizen living in California) am inheriting the LLC. What happens for income tax purposes? Do I get a stepped-up basis in the properties? Do I need to change the LLC's tax classification? What about the rental income going forward?
Related Questions
Can life insurance help my heirs pay U.S. estate tax on my LLC assets as an NRA?
I'm a non-resident alien from India (no estate tax treaty with the U.S.) and I own a U.S. LLC with about $2 million in assets, mostly U.S. real estate. I understand I'll face significant estate tax wi...
Can I gift my U.S. LLC interest and stocks to my children without U.S. gift tax as an NRA?
I'm a non-resident alien from South Korea and I own a U.S. LLC plus a substantial U.S. stock portfolio. I'm doing estate planning and my advisor suggested gifting these assets to my children now inste...
How does the stepped-up basis work for inherited LLC interests from an NRA decedent?
My father was a non-resident alien who owned a 40% interest in a multi-member U.S. LLC that holds commercial real estate and stocks. He passed away recently and I'm inheriting his interest. I understa...
Are joint U.S. bank accounts subject to estate tax when an NRA co-owner dies?
My father (a non-resident alien from the Philippines) and I (a U.S. citizen) have a joint bank account in the U.S. with about $150,000. We also jointly own a brokerage account with $400,000 in U.S. st...
Can I leave my U.S. LLC assets to my non-citizen spouse without estate tax using a QDOT?
My wife is a non-resident alien and I'm a U.S. citizen. We own a U.S. LLC together that holds rental properties worth about $5 million. I understand that the unlimited marital deduction doesn't apply ...
Does the U.S.-Japan estate tax treaty protect my U.S. LLC assets?
I'm a Japanese citizen living in Tokyo with a Delaware LLC that runs a SaaS business. The LLC has about $3 million in value including receivables, IP, and a U.S. bank account. I also own a small condo...
My father lived in Argentina and owned assets worldwide, but only some were in the U.S. Does Form 706-NA look only at the U.S. property?
My father was not a U.S. citizen and did not live in the United States, but he did own a Florida condo, some U.S. securities, and other assets entirely outside the U.S. Family members keep mixing dome...
Are LLC membership interests considered U.S. situs property for estate tax?
I'm a Canadian citizen and I own a 50% membership interest in a multi-member LLC organized in Florida. The LLC operates an e-commerce business and holds some inventory in a U.S. warehouse. My partner ...
Is it true non-resident aliens only get a $60,000 estate tax exemption in the U.S.?
I'm a British citizen living in London and I own a single-member LLC in Delaware that holds a rental property in Texas. A friend told me that if I die, the U.S. will tax my estate but only exempt the ...
My daughter in the U.S. received a large inheritance from my foreign estate. Is that her tax problem too, even if the estate handled everything abroad?
I am asking because the estate administration is outside the United States, but one beneficiary is now a U.S. resident. The family assumed the foreign estate would handle any paperwork on its own side...
Have a similar question?
ForeignLLCTax members get expert answers with IRS citations. One CPA consultation costs $200+. Full access is $9.99/month.
Become a Member — $9.99/moDisclaimer: All content on ForeignLLCTax.com is created by a tax professional and is provided for general educational and informational purposes only. It does not constitute tax, legal, or accounting advice, and should not be relied upon as such. Every tax situation is different — for advice specific to your circumstances, please consult a licensed CPA, Enrolled Agent, or tax attorney. By using this website, purchasing a subscription, or accessing any tools or services, you acknowledge that no client-professional relationship is established between you and ForeignLLCTax.com or its operators. This website is not affiliated with the IRS.
