So, my dad, who is in his mid to late 70s recently wanted me to find out about my tax obligations if he should start transferring his assets (overseas) to me (I couldn’t get an exact figure, but it is ROUGHLY under $150-200k USD which consists of mostly a modest apartment and some farming land)..
I reside in Tennessee so not sure what tax implications there are as I am a naturalized US citizen... currently there is no income from those properties but modest monthly expenses.
My own readings suggest that transfer of title due to inheritance would be the best way to go? If so, I don’t know how to tell my dad without sounding, don’t know what the word is... frankly, I would not want to deal with a foreign asset as it complicates my IRS filings and such...
Submitted February 26, 2019 at 12:06PM by stjongood https://ift.tt/2BU1gP7
