Inheritance Tax question?

Question

How much does one have to pay for inheritance tax in California?

Answer 1

California does not have a separate Inheritance Tax. The tax due would be the federal tax, which currently is zero if the estate (plus any lifetime taxable gifts) is under $2 Million. If it is above that amount, the tax rate is 45% of the gross estate less debts, bequests to charity, bequests to a surviving spouse, and the $2 million exemption equivalent. This is a simplified explanation--in certain cases, the tax may be different. Also, the federal tax will be different depending on the year of death--the above works from 2007-2008.

Answer 2

There is nowhere near enough information to properly answer this question completely. However, you will never have to pay inheritance tax (estate tax). Only an estate pays it. You will be dead before you have to pay any.

There are different levels of taxation. If you leave everything to a spouse, $0 tax.

Answer 3

Inheritance tax is taken out when an estate is probated. Whatever is received is not taxable to whoever gets it. The tax is paid by the court as part of the probate procedure.

Answer 4

Yes - unless you live in it for a while before you sell it. This makes it your main home, on which there is no capital gains tax. Even if you don't live in it before selling, you will have to calculate the capital gain. At this point you can deduct evry penny you have spent on the house since it became yours, so I hope you've been keeping receipts, especially for big items like refurbishment or extensions, legal fees, local council fees for planning permission or building inspection, repairs, etc etc

Answer 5

My grandmother's estate was worth 5 million dollars, my dad paid 1.5 million in taxes. I don't know what percentage that is, do the math.