You can't inherit from someone who is still alive. If he gives it to you now, it's a gift - he'd have to fill out a gift tax return, although he wouldn't owe any money as a gift tax, and your basis will be what his is if and when you sell it. If he leaves it to you in his will, then it doesn't take effect until he dies, but your basis becomes the value at that time.
No limit on inheritances, but there's a limit where over than you'd pay tax, but it's $2 million now so you're well below that.How do we claim inheritance tax if the parent is still alive?
You DON'T. An inheritance IS a gift under US tax law.
Have your father and you set up a ';Trust Fund.'; While he is
';still living of sound mind and body.';
That way, when he dies, you won't have to pay ';Inheritance
Tax'; on it because, having the Trust Fund. You already own it
with your father.
Talk to a legal advisor or your tax man.
Yes, you will need to fill out a form with your lawyer, and it has
to be witnessed by others ';not related'; to eliminate the
';conflict of Interest.';
$90,000 thousand dollars sounds like a lot, but if it's not
invested wisely. ';It will be gone.'; %26lt;}:-})