To report the transfer of assets in compliance with the law, a gift tax or inheritance tax return must be submitted to the tax authorities by the inheritor or the donor of the gift. In certain cases, the tax authorities are informed of the inheritance or gift by a different office and approach the taxpayer themselves.
Generally, the tax liability arises on the death of the testator and in the case of gifts, when the gift is made. The law decrees however that inheritors have three months’ time to approach the tax authorities and report the death.
Whether and if so, what amount of inheritance tax or gift tax must actually be paid is geared to the degree of kinship and the relevant tax category as well as the tax-free allowance resulting from this.
There are also many additional tax exemptions and tax-free allowances in the context of inheritance and gift tax.
Our team would be happy to advise you on preparing the respective inheritance and gift tax returns, We naturally take current legal provisions into account, tax-saving options and other tax exemptions. We carry out all written correspondence with the tax authorities and also support you in ascertaining the value of the inheritance as well as coordinating the various dealings with the authorities.
- Tax consultancy on transfer of assets
- Taking full advantage of tax-saving options
- Preparation of gift and inheritance tax returns
- Advice on current legislative developments