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An inheritance is a windfall that can absolutely help someone's financial situation -- but it can make your taxes tricky. If you inherit property or assets, as opposed to cash, you generally don ...
You only have to pay inheritance tax if you live in a state that requires it. The tax rates in these states range from 0% to 16% on assets with a value greater than the statutory threshold.
Inheritance tax rates: Generally, close relatives like spouses and children either pay a lower rate or are exempt from the tax altogether, while more distant relatives and unrelated individuals ...
Reduce taxes on the pay for that extra work, and you will get more of it; reduce taxes on the profits from risk-taking, and entrepreneurs will take more chances and create more jobs. Reduce the taxes on recipients of inheritances, on the other hand, and they will work less and be less likely to start up new businesses..". [71]
However, if you live in a state where you do have to pay tax on inheritance, here are a few tips to avoid, or at least lessen the tax bill for you or your loved ones:
This is the list of countries by inheritance tax rates. Inheritance tax or estate tax is the tax levied upon the wealth of a person at the time of their death before it is passed on to their heirs. [1] [2] [3]