Inheriting Money from Indian Parents

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seeseee

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seeseee
Apr 21 13 Comments

Did anyone here have to go through this? Anyone here figure it out?

My parents are still alive but recently asked me to ‘figure it out’ on how to inherit/transfer money into the USofA with minimal taxes etc.

Anyone here already been through this journey? What wisdom do you have to share my Indian brethren on Blind?

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TOP 13 Comments
  • Amazon
    HilakeAaya

    Go to company page Amazon

    HilakeAaya
    Go the crypto way. INR->USDT(Zebpay) to USDT(Zebpay)->USDT(Binance) to USDT->USD
    Apr 21 3
  • Yes but once it’s in the US, do you need to do anything to clean it? Assuming it’s a significant amount of money and not pocket change
    Apr 21 1
  • I stand to inherit under 5m from my parents as well. Talk to a financial advisor, but:

    1. No real tax should be owed if the amount is under 10m (or 5m. I forgot which one but I don't care). So no point doing yearly gifts since lifetime exclusion applies regardless
    2. Estate tax applies to the estate and not you, and should not be taxable since they aren't American for tax purposes
    3. We ended up making joint accounts and jamming some money into that to streamline inheritance when the time comes

    Also when you think about it: the US wants dollars to come into the country, so they don't want to stop you from inheriting anything. You're going to spend it here and so it all goes into the economy anyway
    Apr 21 0
  • Meta
    btyo08

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    btyo08
    They can start gifting you money every year. Anything over $100k per year needs to be reported on form 3520 to the IRS. There is no tax on the money if it comes from a non-US person. They can talk to any decent bank in Ibdia on how to transfer this. SBI, HDFC etc. all provide this service. I think the annual limit for them is $250k to transfer out of India but that can be checked with the bank there
    Apr 21 0