![]() How are inheritance taxes different from estate taxes? And even if you live in one of those states, many beneficiaries are exempt from paying it.Īdditionally, Iowa passed legislation to phase out its inheritance tax until it is eliminated for deaths on or after January 1, 2025. As of 2023, only six states impose an inheritance tax. Unlike the federal estate tax, the beneficiary of the property is responsible for paying the tax, not the estate. As a result, only about 2% of taxpayers ever encounter this tax.Īn inheritance tax is a state tax that you pay when you receive money or property from the estate of a deceased person.
0 Comments
Leave a Reply. |