does anyone know anytrhing about taxes?

Question

i am trying to find info on inhertiance tax and can't find any straight answers does someone know what kind of tax this is and is it in all states or just certain ones

i live in south carolina

Answer 1

The answer varies depending on the state.

At the federal level, there is no Inheritance Tax. There is an Estate Tax on the amount transferred that exceeds $2,000,000 (2007 amount). The tax is 45% of the excess. Please note there are many, many rules, exceptions, and areas to navigate. Use a professional advisor.

At the state level, every state makes their own laws that are applicable. Some have much lower thresholds than the federal level. Some have an Estate Tax. Some have an Inheritance Tax. Some have neither.


BTW, an Estate Tax is levied on the tranferor (the estate of the one who died) and what you receive as the beneficiary is "after" tax. An Inheritance Tax is levied on the recipient. We tend to use them interchangably ... but there is a difference.

Answer 2

Nope, nobody in here knows anything about taxes at all. lol

What is the question that you have regarding taxes and inheritances? Just to let you know though, that inheritances are not taxed on a federal level, and Pennsylvania is the only state that I know that taxes them on a state level. There is an estate tax that is paid if the deceased's net estate exceeds $2,000,000. State estate taxes vary from state to state.

Need a bit more information on what your exact question is in order to give you a correct answer.

I have attached a link to a Wikipedia regarding estate taxes, that may help you out somewhat depending on what your question is.

Answer 3

There is an estate tax at the federal level on very large estates, a couple million dollars and up. Some states also levy a tax, and can be at much smaller levels - the rules and amounts depend on the state.

Answer 4

it changes from state to state

Answer 5

need to know what state