We are Murata Sogo Tax Accounting Office, a tax accounting firm specializing in inheritance and international taxation, with an office in Miyakojima-ku, Osaka City.

I have inherited a fortune, do I need to file an income tax return?

This is a question we are often asked as we assist our clients in filing inheritance tax returns.

The answer is: No!

You do not need to file a tax return!

The reason is that the inherited property is subject to inheritance tax, and if income tax is also imposed on the inherited property, it would be double taxation,

If you have to pay income tax on your inheritance, you will be subject to double taxation.

Therefore, there is no need to file an income tax return, and for families with small assets that do not need to file an inheritance tax return, neither inheritance tax nor income tax will be imposed.

However, you should be aware that if you sell your inherited home, for example.

In this case, you may be required to file an income tax return (declaration of transfer income), and there are special provisions that can reduce the tax burden, so please be careful.

If you have any questions or concerns, please contact us using the Inquiry Form.