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In the case of inheritance taxes, it is your responsibility to file and pay this tax. In the case of an estate tax, the IRS taxes the estate directly. As a result it is uncommon for an heir to owe ...
Inheriting a home or other property can increase the value of your estate but it can also result in tax consequences. If the property you inherit has appreciated in value since the original owner ...
Paying taxes on an inheritance can be tricky, and that may be especially true if you’re dealing with an inherited annuity. The tax liability changes based on how the annuity was funded, whether ...
Inheritance taxes are paid not by the estate of the deceased, but by the inheritors of the estate. For example, the Kentucky inheritance tax "is a tax on the right to receive property from a decedent's estate; both tax and exemptions are based on the relationship of the beneficiary to the decedent." [52]
These capital gains taxes are then calculated using what’s known as a stepped-up cost basis. … Continue reading → The post Capital Gains on Inherited Property appeared first on SmartAsset Blog.
Tax implications of an inherited annuity. Trying to calculate taxes on an inherited annuity can feel complex, but the core principle revolves around whether the contributed funds were previously ...