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Transfer of Inherited Property in the Philippines

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#1 Sonia M

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Posted 22 November 2015 - 06:23 AM

Hello everyone! It's been a while. How's everyone doing? I hope all is well with your family and friends especially this Thanksgiving Holiday.
 

Our mother left some properties in our province and now my two siblings and I are splitting these properties to transfer each of our share appropriately. If the title is transferred to my name, how would that affect my tax liability to the US government as a naturalized citizen? Would it beneficial to have my share transferred direct to my son to shelter me from paying double taxes? My son is still a permanent resident.

 

Thank you.

 


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#2 MrkGrismer

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Posted 01 December 2015 - 01:37 PM

I am not a tax expert, but you should not have to pay double taxes on real property in the Philippines. Any taxes paid on the property would be paid to the Philippine government only (property taxes). If the property was income-generating, like a rental property then it becomes more complicated, but in any case you would only pay taxes to either the Philippine government or the U.S. government. Generally speaking, taxes are paid on income generated to the government of the country in which the income is generated (with some exceptions).


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#3 Sonia M

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Posted 08 December 2015 - 01:15 AM

Thanks, Mark for your response.


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