Is there an inheritance tax threshold for U.S. citizens before paying taxes on the gift?
2006-08-12 10:50:34 · 3 answers · asked by lizzyB 1 in Business & Finance ➔ Taxes ➔ United States
There is a threshold based on the total value of the estate. It is not based on the individual amounts inherited. Don't remember what that amount is.
2006-08-12 10:59:27 · answer #1 · answered by toejam 2 · 0⤊ 0⤋
Currently $2 million. It's assessed against the estate and is based on the total value of the estate. It is not assessed against the recipient. You won't pay a dime in taxes on it, regardless of the amount.
2006-08-12 12:24:51 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
2 million now. Goes up in 2009.
The reference below also shows threshholds for gift taxes, which are different from estate taxes.
2006-08-12 11:19:39 · answer #3 · answered by Judy 7 · 0⤊ 0⤋