1
As homeownership becomes increasingly expensive in many parts of the world, we travel to Japan, where millions of empty and …
source
36 comments
Welcome to Malaysia… no death tax…
They can put a lower limit of….$20 million. Problem solved. Any inheritance over that gets taxed.
Condos are better to own in Japan, that or go get a traditional wooden home and fix it up
You only should sell if you're old and give the money to the children fair and square in cash.
1.. What will happen if the parents give the money they got by selling the house as cash notes to their child, instead of transferring via bank account..
2.. What will happen if the child buys the parent's house, from the parent when parent is still alive.
3.. Do children have to pay inheritance tax in the above 2 cases.
4.. In my country, I can sell my late father's house to another third person without changing the ownership to my own name. If I try to change ownership to my own name in the register office, it will cost lot of money like stamp duty and registration tax. So, I will just a heirship certificate from the village office showing that I am the legal heir of my late father. Using this heirship certificate, I can sell my father's house to anyone without transferring the ownership of the house to my own name. I never become the owner in registration records. Ownership passes from my late father to new owner directly.
Gets complicated since Japanese tend to have 0 – 1 children per family. 4 sets of grandparents pass on, 2 sets of parents pass on.. that poor kid (if there is one) is paying taxes on 6 homes.. or trying to sell them. But there are so many other homes for sale, nobody will buy.
So sad her parents should have just put it in her name before passing…
With the longevity of the Japanese, it is logical that the elderly children do not wish to pay high inheritance taxes.
❤️
Is there another way for the Japanese son or daughter to inherit their parents home in the form of liquidation of their home asset. I meant like the Japanese parent sell off the house before the past away (knowing if they are going to die soon from some disease and not much time left) then transfer the money to their sons/daughters bank account. Rather than wait to later take over their parents property and there is where the govt opportunistically steps in taxing them with the hefty inheritance tax.
Weird country
Death is a part of life; people are being charged for dying?
Parents usually work to give their children a financial advantage, such taxation measures are archaic and defeat the intended purpose.
That's why you sell it to a 3rd party who then sells it back to your kids.
Due to the natural disasters and weather in Japan, Japanese houses are supposed to be renovated heavily every 50 years or so. Thus, once you inherit the family house, you cannot find a buyer easily because the house is no longer considered safe to live in. Thus, house is actually a bit similar to cars in Japan of which value deteriorate quickly with time. Furthermore, they still have (afaik) the higher tax for selling a land with house than a land. So yeah, inheriting house in Japan is kinda putting you in a bad economic position a lot of the times.
Stealing generational wealth, not letting smart people and families to give their children better lives financially.
Well, how much is the tax rate? Stupid short
govt scam to have the land for their own use and abuse of power
Inheritance tax? What an scam! Draw the katanas and demand to your goverment to withdraw that!
You’ve got this ridiculous portrait mode which means screen info is blocking the subtitles and I don’t speak Japanese. Quit trying to be like Tik Tok and make the screen landscape.
My Japanese cousin, he "purchased" his parents home. Is this one way to avoid inheritance tax in Japan?
No wonder there's so many abandoned homes in the suburbs.
is it then make sense for parents to sell the house to their next generation?
it's because of ghost
She can sell it to me or rent it out to me. I’ll pay rent to live there.
How about a bill of sale?
in a world where less and less people can afford to buy a home, inheritance taxes should be abolished
Heard some stories of folks who demolished their inherited family Japanese homes, and converted the land into carparks. Feasible or?…
Japan has a different and very interesting tax system, especially when it comes to inheritance. According to another Youtuber (LWIF), this inheritance system would make the wealth of top-tier Japanese income earners greatly diminished in 3 generations if they & their children/grandchildren stop working.
Inheritance tax is just another gov scam. Paying tax on something already paid for in full which was already taxed at the time of purchase or build.
Meanwhile in America, most can only have a place because of inheritance.
In the UK many hundreds of histpric homes were lost due to high inheritance tax/death duties. Given Japan's falling birth rate, the country should be empty in two generations anyway.
Its always about taxing people even after death. The family house should never be taxed, never.
It's my understanding that one house can be inherited without taxation.
Here is a tip, how about not having the screen info over the subtitles. Not many of us speak Japanese.
The Japanese translation is obscured. The video to see what I mean.