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According to the H&R Block web site the Federal Gov. has no inheritance tax.
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∙ 10y ago
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Do you pay income tax on inheritance?
No Federal income tax due on inheritance.
Is there federal inheritance tax for cash in Texas?
There is a Federal inheritance tax. And it applies to Texas as well as all of the other states.
Is there a federal inheritance tax?
There is a federal inheritance tax which is also called an estate tax. However, this tax only applies to estates that are worth more than a million dollars.
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 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.
Do family members have to pay inheritance taxes?
Generally, inheritance taxes are paid by the estate. However, under present federal tax laws estates under $2M are not taxed. There may be state inheritance tax consequences but those limits are also high and if taxes are due they are paid by the estate.
How much inheritance tax on 35000 dollars?
No federal tax. You need to consult a CPA or tax accountant to find out if any state inheritance tax applies or not. You did not mention what state this is for.
Do you have to claim inheritance money on federal taxes?
Inheritances are not taxed by the federal income tax.
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.
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
How long do you reside in state before you have to pay inheritance tax?
There is no time frame. If you are a resident of the state when you inherit, you pay the inheritance tax per the state laws.
Is the inheritance tax going to change in 2010?
I assume you mean the estate tax, not the inheritance tax. (There is a federal estate tax, but no federal inheritance tax.) The federal estate tax will be abolished in 2010. And (unless the law is changed) it will be reinstated in 2011 and the exclusion amount will drop from the $3.5 million in 2009 to $1 million in 2011. Note that this does not apply to state estate or inheritance taxes. Because of the craziness on the federal level, many states have been revising their estate taxes to decouple them from federal changes. ***Caution*** Before making any plans to die in 2010 in order to take advantage of the estate tax repeal, be aware that this situation is very fluid and the law could be changed.
