Do jewelry and art objects also need to be declared in the inheritance tax declaration?
June 26, 2022 | 40,00 EUR | answered by Alwin Widmann
Dear tax advisor,
My name is Ella Stricker and I have a question regarding inheritance tax declaration. I am currently facing the difficult situation of inheriting assets and I am wondering if I also have to declare jewelry and art objects in my inheritance tax declaration.
The background is that I have inherited various pieces of jewelry and art objects from my deceased aunt, which hold significant material and emotional value for me. I have heard that such assets must also be taken into account in the inheritance tax declaration, but I am unsure of how to correctly declare them.
I am concerned that I may make mistakes when declaring these assets, potentially leading to high fines or tax payments. At the same time, I want to ensure that I do not miss out on assets that may be tax-exempt.
Could you please explain to me if and how I need to declare jewelry and art objects in my inheritance tax declaration? Are there specific regulations or tax exemptions that I should consider in this context? What options are available to ensure that I declare everything correctly and completely?
Thank you in advance for your help and guidance.
Sincerely,
Ella Stricker
Dear Mrs. Stricker,
Thank you for your inquiry regarding the inheritance tax declaration and the question of whether jewelry and art objects must be included in it. It is understandable that you may feel uncertain in this difficult situation and wish to avoid errors that could lead to possible fines or tax payments.
In general, all assets received from an inheritance must be declared in the inheritance tax declaration. This includes jewelry and art objects, which are typically valued at their market value at the time of inheritance. It is important that you carefully document all received jewelry and art objects and, if necessary, have them appraised to accurately report their value.
However, there are specific regulations and tax-free allowances that should be considered when including jewelry and art objects in the inheritance tax declaration. For heirs, there is, for example, a tax-free allowance of 20,000 euros for movable assets such as jewelry and art objects. This means that assets up to this amount remain tax-free.
If the value of the jewelry and art objects exceeds the tax-free allowance of 20,000 euros, you must declare the excess amount in your inheritance tax declaration and pay taxes on it. In such cases, it may be advisable to have a specialist or appraiser confirm the exact value of the assets to avoid errors in valuation.
To ensure that you accurately and completely declare everything in your inheritance tax declaration, I recommend seeking advice from an experienced tax advisor or specialist in inheritance law. They can inform you comprehensively about your tax obligations, assist you in evaluating the assets, and ensure that you capture all relevant information correctly.
I hope this information is helpful to you and wish you success in handling your inheritance.
Best regards,
Alwin Widmann
