- Inheritance Tax/Gift Tax
- Concepts
If the heir acquires the deceased's property free of charge due to a person's death,
it is a tax levied on the inherited property to the heir who is the acquirer.
| Tax accountant | Judicial scrivener | attorney specializing in inheritance and gift tax | |
| Specialty/specialized field | Handling various tax affairs, such as VAT, income tax, corporate tax, etc | Handling of various registration tasks such as trading and corporations | Specialized in the fields of inheritance tax and inheritance registration among various taxes and registration services |
| Integrated processing of inheritance procedures | Inheritance registration, inheritance dispute processing (by proxy) not allowed | Inheritance registration, inheritance dispute processing (by proxy) not allowed | Integrated inheritance work can be performed |
| tax disobedience | Only the trial stage is performed, the litigation stage is not allowed | not allowed | Able to carry out directly from trial to litigation |
| certification for inherited expertise | None | None | Certified as an inheritance/inheritance gift tax expert by the Korean Bar Association, the nation’s top legal organization |
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1. In case of inheritance dispute, be careful of penalty tax.
If the reporting deadline is not met due to an inheritance dispute, additional tax will be incurred.
Therefore, if the inheritance dispute is prolonged, appropriate measures are required in advance. -
2. When determining the share of inheritance for each heir, the inheritance tax reduction plan must be considered.
If the inheritance is determined without considering the inheritance tax, the net inheritance may be reduced. -
3. You must consider the plan to use the property after inheritance.
It is advantageous in terms of overall tax savings by considering inheritance tax or capital gains tax
that will be levied in case of future re-inheritance or property disposal. -
4. Local taxes must also be considered together.
There are also tax-saving points for local taxes such as acquisition tax, property tax, and Comprehensive Real Estate Holding Tax. -
5. For overseas residents, a more cautious approach is required.
For non-residents, the deadline and deduction benefits are different,
and the process of disposing and taking out after reporting should be considered in more detail. -
6. Spousal deduction must be completed up to property division, and trial must also be considered.
Regarding spouse deduction, registration must also be considered, and if an inheritance trial is in progress,
appropriate measures must be taken in advance. -
7. Inheritance tax reporting and confirmation of inheritance for each heir are separate.
Inheritance tax reporting is based on the entire property, and inheritance by heir is not considered (cohabiting house, spouse deduction, etc. are excluded).
Therefore, even if it is not possible to discuss the inheritance, the report must be completed by the deadline. -
8. Gift property under the Inheritance and Gift Tax Act and gift property (special profit) under the Civil Act are separate.
In inheritance tax returns, the donated property within 10 years of each heir is added, but there is no time limit on the donated property
to the heir in the division of inherited property or in a lawsuit for retained possession. -
9. You should also consider the tax payment method that suits the circumstances of the heir.
Inheritance tax can be paid in installments, in annual installments, in kind, or in a lump sum, so it is necessary to review the payment method
that suits the circumstances of the heir in advance.
the identification of the property value, and the total property value according to whether there are debts left by the deceased, but also the decision on whether to proceed with the market price appraisal for tax reduction,
the calculation of the spouse deduction, and the application of various other deduction systems. Also reviewed.