Do You Pay Tax on an Inheritance?
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Summary
Do you pay tax on an inheritance? |
“I am wondering whether you have to pay tax on an inheritance?”
In large part whether you have to pay tax on an inheritance will depend on two things: where you live, and your relationship to the deceased. Some states do not have any inheritance tax at all; many others do.
If the state in which you live has an inheritance tax, then how much you will be taxed (usually a percentage) will depend on how you are related - if at all - to the deceased. For example, surviving spouses usually do not have to pay an inheritance tax. Children may or may not have to pay an inheritance tax, and in some states whether or not they have to pay an inheritance tax will depend on how much they inherited.
For these reasons, if you are either in receipt of or anticipate receiving an inheritance, it’s best to consult with an attorney in your state who is familiar with the ins and outs of inheritance tax law in your state.
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For more on this subject check out these categories: Tax Law, Wills, Trust & Estate Planning
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State laws vary, and the above is intended as general advice, and not direct legal advice regarding any one particular situation in any one state. For direct personal legal advice related to your own situation you should consult an attorney familiar with the laws of your state and with your situation.
