According to the H&R Block web site the Federal Gov. has no inheritance tax.
No Federal income tax due on inheritance.
There is a Federal inheritance tax. And it applies to Texas as well as all of the other states.
There is a federal inheritance tax which is also called an estate tax. However, this tax only applies to estates that are worth more than a million dollars.
There is no inheritance or estate tax in Virginia. It is limited and related to federal estate tax collection only.
There is no federal inheritance tax, but there is a federal estate tax. A few states have a state inheritance tax and each state sets its own tax rate. You may be seeking information about the estate tax (which taxes the value of an estate after someone has died). Be sure you know the difference.
Generally, inheritance taxes are paid by the estate. However, under present federal tax laws estates under $2M are not taxed. There may be state inheritance tax consequences but those limits are also high and if taxes are due they are paid by the estate.
No federal tax. You need to consult a CPA or tax accountant to find out if any state inheritance tax applies or not. You did not mention what state this is for.
Inheritances are not taxed by the federal income tax.
Inheritance and Estate TaxesThere is no inheritance tax and only a limited estate tax related to federal estate tax collection.For further information, visit the Illinois Department of Revenue site or call 800-732-8866.
it was hard to collect the tax, so the state followed the feds by repealing the inheritance tax laws and inacting an estate tax. basically the tax was paid by the estate before it was distributed to the heirs
There is no time frame. If you are a resident of the state when you inherit, you pay the inheritance tax per the state laws.
I assume you mean the estate tax, not the inheritance tax. (There is a federal estate tax, but no federal inheritance tax.) The federal estate tax will be abolished in 2010. And (unless the law is changed) it will be reinstated in 2011 and the exclusion amount will drop from the $3.5 million in 2009 to $1 million in 2011. Note that this does not apply to state estate or inheritance taxes. Because of the craziness on the federal level, many states have been revising their estate taxes to decouple them from federal changes. ***Caution*** Before making any plans to die in 2010 in order to take advantage of the estate tax repeal, be aware that this situation is very fluid and the law could be changed.