Inheritance Related Taxes and Expenses

Joint liability for inheritance tax means that the heirs have the obligation to pay the inheritance tax jointly, within the limit of the property they received from the deceased. Because of the joint liability, if a certain heir pays more than his or her share of the tax, it is not considered as a gift.

However, if an heir pays more than the limit of his or her inherited property, it is regarded as a gift to the other heirs who did not pay the tax, and gift tax is imposed.

So practically heirs need to make a payment plan individually or make an agreement for this tax and expense sharing plan with Property Division Agreement.

The following is the estimated taxes and expenses other than Inheritance tax;

1. Acquisition taxes: 1-3% of the property value

2. Real Estate Appraisal fee: 0.08%-0.11% of the real estate price

3. Legal and Tax filing fee: depends on filing amount

4. Inheritance Registration Expenses: it depends but more than 1 mil.won~

Usually you heirs need to share those taxes and expenses based on the inherited shares.

For more details, please send an e-mail to jz@taxjz.com or If you would like a free consultation with an English-speaking Accountant in Korea, please schedule a call at: Schedule a Call with Jz