Which documents are required for the inheritance tax declaration?
December 8, 2022 | 45,00 EUR | answered by Alwin Widmann
Dear tax advisor,
I am faced with the challenge of having to submit the inheritance tax declaration for my parents' estate. Unfortunately, I am unsure about the documents I need and how to proceed. My parents have left me a house and some valuable items that I now have to declare for tax purposes.
My parents passed away a few months ago and left me the house, as well as some jewelry and artworks. The house is estimated to be worth 500,000 euros and the valuable items amount to about 50,000 euros. I have no experience in preparing tax declarations and I am worried that I might forget important documents.
My main concern is that I need to submit the inheritance tax declaration correctly and on time, in order to avoid penalties or additional payments. I want to make sure I have all the necessary documents and information on hand to make the process as smooth as possible.
Could you please explain to me what documents are needed for the inheritance tax declaration and how I should best proceed to fill everything out correctly? Are there any specific forms or instructions I should follow? I would greatly appreciate your help and support in this matter.
Sincerely,
Fred Hausdorf
Dear Mr. Hausdorf,
Thank you for your inquiry regarding the inheritance tax declaration for the estate of your parents. It is understandable that you feel unsure and need support in this process. I will be happy to explain in detail which documents you need for the inheritance tax declaration and how best to proceed.
For the inheritance tax declaration, you will first need all relevant documents regarding the estate of your parents. These include the inheritance certificate, the will or inheritance contract, an inventory of all assets such as the house, valuables, accounts, securities, etc., as well as any receipts that prove the value of these assets.
For the house, you should present a current land registry extract to prove the estimated value of 500,000 euros. For valuables such as jewelry and artworks, you will need appraisals or expert opinions confirming a value of around 50,000 euros. It is important that the valuation of the assets is transparent and plausible to avoid any queries from the tax office.
Furthermore, you should provide all relevant documents and receipts regarding any debts or liabilities of your parents that can be deducted from the inheritance. This could be, for example, a will stating debts, or relevant bank statements and invoices.
There are specific forms for the inheritance tax declaration provided by the tax office. You will need to fill out form ErbSt 1 and submit it along with the required documents to the relevant tax office by the deadline. If you are unsure, you can also consult a tax advisor to assist you in preparing the inheritance tax declaration.
It is important that you fill out the inheritance tax declaration correctly and completely to avoid any additional payments or penalties. Make sure to provide all necessary information truthfully and attach all relevant evidence and receipts.
I hope this information helps you and answers your questions regarding the inheritance tax declaration. If you need further assistance or have any more questions, feel free to contact me.
Best regards,
Alwin Widmann
