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an inheritance tax is based on the portion of an estate
an estate is a federal tax on all the wealth a person leaves
== ans ==
There may not be an exact answer because some depends on your own, or the specific IRS or State definition of things.
But generally:
An inheritance tax would be on the value of what someone receives from the estate of someone who dies. Paid by the recipient.
The estate is actually the continuation and winding up of the deceased persons affairs, and they may be taxed before what is left is distributed to those inheriting.
What else can I help you with?
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.
What is the Virginia STATE inheritance tax rate?
Virginia does not have an inheritance tax. But they do have an estate tax.
Does WA have an inheritance tax?
Washington state replaced its inheritance tax with an estate tax in 1982.
How much is the inheritance tax in CA for an inheritance of $10 000?
After you actually receive the funds, there are no taxes to pay on it. Inheritance tax is paid by the estate, so you will receive the net from the estate, not a pre-tax amount. There are several factors taht can influence the amount of tax paid on inheritance. Depending on the amount and circustances the tax can be between 4.5-15%.
Why was inheritance tax abolished?
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
What is the difference between death tax and estate tax?
Inheritance taxes and estate taxes differ only in who pays and to whom the tax is paid. Learn the differences between inheritance and estate taxes.
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.
Does Arizona have an inheritance tax?
No, Arizona does not have an inheritance tax. Inheritance tax is a state tax that is imposed on the beneficiary of an inheritance, while estate tax is imposed on an estate before it is distributed to beneficiaries.
What is the Virginia STATE inheritance tax rate?
Virginia does not have an inheritance tax. But they do have an estate tax.
Will I have to pay an inheritance tax in Virginia?
There is no inheritance or estate tax in Virginia. It is limited and related to federal estate tax collection only.
What tax is the same as an inheritance tax?
estate tax
Does WA have an inheritance tax?
Washington state replaced its inheritance tax with an estate tax in 1982.
How much is the inheritance tax in CA for an inheritance of $10 000?
After you actually receive the funds, there are no taxes to pay on it. Inheritance tax is paid by the estate, so you will receive the net from the estate, not a pre-tax amount. There are several factors taht can influence the amount of tax paid on inheritance. Depending on the amount and circustances the tax can be between 4.5-15%.
Does Chicago have inheritance 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.
What is the North Carolina inheritance tax rate?
North Carolina does not have an inheritance tax. Inherited assets are not subject to state inheritance tax, although they may still be subject to federal estate tax depending on the total value of the estate.
Do you have to pay inheritance tax if it was passed from your grandparents to you?
Inheritance tax laws vary by country and state. In some jurisdictions, there may be exemptions or lower tax rates for inheritances passed down from grandparents to grandchildren. It's best to consult with a tax professional to determine the specific implications in your situation.
Who pays for tax liens on a Estate inheritance?
There wouldn't normally be liens on the inheritance...but on the assets in the estate, which can't be distributed and become an inheritance until they are settled by the estate.
