Harris Consulting & Tax Ltd (HCAT) provides Israeli accountancy, tax and corporate finance services. In particular, we specialize in international business and tax planning, e-commerce and the use of trusts and other structures.

Project Info

Case C – Double Tax on Inheritances

Mr A of New York was worried about the 95% tax trap if he bequeathed a valuable building in New York to his offspring living in Israel: around 45% federal and state estate tax in the USA and up to 50% capital gains tax in Israel upon a future sale. After a detailed review, a step-up ruling was obtained from the Israeli Tax Authority. This eliminated Israeli tax on the gain before the bequest.