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In some states, yes.
In other states, no.
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∙ 15y ago
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Is there a N.H. state tax for a cash inheritance?
no, it was repealed in 2003
What is the Virginia STATE inheritance tax rate?
Virginia does not have an inheritance tax. But they do have an estate tax.
Is there federal inheritance tax for cash in Texas?
There is a Federal inheritance tax. And it applies to Texas as well as all of the other states.
Does WA have an inheritance tax?
Washington state replaced its inheritance tax with an estate tax in 1982.
Is there inheritance tax in Tennessee?
Effective beginning in 2016 Tennessee eliminated the state inheritance tax.
How much inheritance tax on 35000 dollars?
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.
Do you have to pay inheritance tax if it was passed from your grandparents to you?
I assume you know the difference between an inheritance tax and an estate tax? Only a few states have an inheritance tax and the answer would depend on the state.
How long do you reside in state before you have to pay inheritance tax?
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.
What is the inheritance tax for 2008?
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.
Do you pay state tax on inheritance?
In some states.
Can you tell me what inheritance tax is?
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.
When did California abolish their inheritance tax?
California abolished it's Inheritance Tax in 1982. It cost the state $1 billion in the first year.
