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.
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.
According to the H&R Block web site the Federal Gov. has no inheritance tax.
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.
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.
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.
Inheritances are not taxed by the federal income tax.
For 2011, the federal estate tax exemption will be $5 million and the estate tax rate for estates valued over this amount will be 35%. The estate tax has also become unified with federal gift and generation-skipping transfer taxes such that in 2011 the lifetime gift tax exemption and generation-skipping transfer tax exemption will be $5 million each and the tax rate for both of these taxes will also be 35%. There is NO federal level inheritance tax.
An inheritance tax is a tax on the money that someone receives from a deceased who has left them money in any form; this includes: federal cash, land, any physical property other than land.