What to do with inheritance?

[Silversurfer]

Don’t want Imperial Japan in my business. Accountant settled everything. I own no Japanese securities and only trade abroad.

[Silversurfer]

“… because it is based on the value of the house when your dad acquired it, and not its value when you acquired it through inheritance…”

Which means that it was worth a hell of a lot less way back when.

Which means not to worry.

[northSaver]

Which means not to worry.

Please be more careful about responding to old posts Silversurfer. And only post information you are sure about.

In this case we had already established that Beaglehound didn't have to pay CGT because his father's house had been sold before he had died.

But if the house had been sold after he had died, then he would probably have been liable for Japanese CGT based on the difference between the low value of the house when his father had bought it, and the relatively high value of the house when it was inherited and sold. So the fact that the house was worth much less in the past is indeed a "worry" when it comes to CGT in Japan.

[Silversurfer]

Which means not to worry.

Please be more careful about responding to old posts Silversurfer. And only post information you are sure about.

In this case we had already established that Beaglehound didn't have to pay CGT because his father's house had been sold before he had died.

But if the house had been sold after he had died, then he would probably have been liable for Japanese CGT based on the difference between the low value of the house when his father had bought it, and the relatively high value of the house when it was inherited and sold. So the fact that the house was worth much less in the past is indeed a "worry" when it comes to CGT in Japan.

You are correct. I’ll stick to posting about what IS and WAS, rather than what should have, would have and could have been. I also won’t presume to predict what WILL happen.

I’ll just tell you what happened in my case. I inherited a house abroad and sold it. I had all the records of the house from 1960 to 2020. 60 years. The original bill of sale and every single repair and renovation. Mountains of papers. Cleaning out the house and going through all the papers, mementos, clothing, photographs, tools, dinnerware, flatware, linen, books, magazines, bric-a-brac, etc. took a month. Dealing with lawyers, banks, bank appraisers, inspectors, surveyors and geomancers also took a lot of time. Glad I did it. Didn’t use a real-estate agent. Paid NO taxes there or in The Japanese Empire. All above board. Will get a tax refund in April, something to do with the estate as a whole rather than just the house. Will use the refund to buy an American REIT that pays monthly dividends and more silver bullion.

I have good lawyers and accountants. I paid them instantly when their bills were submitted. I probably still have a bill or two to pay.

Talk like a pirate. Aargh!

[northSaver]

Paid NO taxes there or in The Japanese Empire. All above board.

That's interesting. Do you know how you managed to avoid paying CGT in Japan on the sale of the property?

[sutebayashi]

By the way, I’ve never met anyone who admits to NOT making money with their NISA account. Everyone’s a winner!

NISA has coincided with the Abenomics policy mix, which features a weaker yen, so unless one bet on individual investments that turned out to be losers, it would have been difficult for most to lose money.

Tsumitate has been a recommended strategy too, and that should help going forward as well, even if the currency policy changes.

[Silversurfer]

Paid NO taxes there or in The Japanese Empire. All above board.

That's interesting. Do you know how you managed to avoid paying CGT in Japan on the sale of the property?

In my part of what I like to call the “Anglo-sphere”, an income tax return has to be filed for a deceased person for the year of deceasement. (New word.) The income for the deceased must include the value of all property as if it had been sold that year, minus various deductions. A lot of money was spent on fixing the house over a 60 year-period and so that brought the value of the house down to below a certain tax threshold. (Japan and this Anglo-spheric country have an agreement about double taxation being verboten.) Below this threshold, no property tax. My accountant took care of it. I submitted a mountain of documents.

My accountant also told me a few weeks ago that I’ll be getting an income tax refund of about the equivalent of 650,000¥ due to the estate of the deceased, which is me.

The property was not in Beverly Hills or a trailer park.

[Silversurfer]

By the way, I’ve never met anyone who admits to NOT making money with their NISA account. Everyone’s a winner!

NISA has coincided with the Abenomics policy mix, which features a weaker yen, so unless one bet on individual investments that turned out to be losers, it would have been difficult for most to lose money.

Tsumitate has been a recommended strategy too, and that should help going forward as well, even if the currency policy changes.

Like I said, everyone’s a winner!

[beanhead]

Don’t want Imperial Japan in my business.

What is the point of this statement?
Reddit or something may be a more appropriate place for some of your opinions.

[Silversurfer]

Don’t want Imperial Japan in my business.

What is the point of this statement?
Reddit or something may be a more appropriate place for some of your opinions.

It’s a joke, man. Loosen your tie. The only tie that you own.

Anyway, Nippon Koku has an emperor. Japan is an empire. Maybe I’m being pedantic here.

I have never used Reddit, Tic-Toc, Facebook, Instagram, Line or LinkedIn.