does anyone know the % rate on inheritants tax?

Question

I"m getting an inheritants and i need to know % rate to figure out how much taxes i'll have to pay?

Answer 1

Interhitance Taxes are somewhat obsolete although some states still have those kinds of taxes. If you are talking about the estate tax, the estate tax is deducted from the assets of the estate and then your inheritance is based on the residual value of the estate.

It is all based upon percentages and dollar values of the estate. For these kinds of problems contact a CPA or Title and Trust company in your area.



IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that, unless specifically indicated otherwise, any tax advice contained in this communication (including any attachments) was not intended or
written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code, or (ii) promoting, marketing, or recommending to another party any tax-related matter addressed herein.

Answer 2

There is no inheritance tax.

What you are thinking of is the estate tax. If the estate is large enough, then it is subject to estate tax which will be paid before any inheritance is given to the heirs.

Answer 3

There is no inheritance tax. Although it may be wise to consult a tax professional if you were to then turn around and sell any assets you receive.

Answer 4

Im nor for sure, but its like 40%, i think.