The value of your inheritance must be correctly estimated, because the heir himself determines the value of the inherited property. An overview of the important factors in determining the value of your inheritance.
Stick the correct value on your inheritance
Anyone who receives an inheritance must pay taxes on it. How much depends on the value of the goods. As an heir, you must determine that value yourself. But what if you indicate a value that is too low or too high?
1. What if you are overestimated?
For example, the value of the home that you will inherit is USD 300,000 in your tax return. In retrospect, however, it turns out that its price is only $ 250,000. In this case, it is possible to get back the 50,000 you paid too much in inheritance tax. In theory, the original period of 5 months should still be valid. In reality, this period is long gone before people are demanding recovery.
2. What if you underestimate?
The succession fees that you must pay are determined by the value of the inheritance. The lowest possible estimate means an advantage for you. But deliberately declining a smaller value of your inheritance is not without danger. You not only risk a tax fine, you will also have to pay the remaining inheritance tax.
What if you conceal goods?
The concealment of the goods results in a tax fine, as well as a payment of additional inheritance tax. It is therefore not advantageous to conceal goods when determining the value of your inheritance.
If the recipient has any doubts about the value of your inheritance, he will let you know. You can defend your estimate. If no amicable agreement is possible, an audit estimate is carried out. This only applies to real estate and boats.
Request a preliminary estimate
If you inherit on a large taxable asset that is taxed at the highest rates, it is best to have it estimated before filing a tax return. The estimate is made at your expense, and you must also submit a registered request to the authorized recipient. In doing so, one or more experts are called upon to represent both parties. These experts calculate the value of your inheritance on an independent basis.