A relative passed away recently and left a US bank account. His wife is a beneficiary on the account.
Neither of them are US citizens or residents (and not from an estate tax treaty country list either).
Am I understanding correctly that in this case there is a 60K exemption and everything above 60K is subject to the federal estate tax?
The bank account is in NY. Is there a state estate/inheritance tax also?
Neither of them are US citizens or residents (and not from an estate tax treaty country list either).
Am I understanding correctly that in this case there is a 60K exemption and everything above 60K is subject to the federal estate tax?
The bank account is in NY. Is there a state estate/inheritance tax also?
Statistics: Posted by TheHiker — Mon Jul 01, 2024 6:22 pm — Replies 3 — Views 270