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Inheritance Tax: What It Is, How It's Calculated, and Who Pays It
What Is Inheritance Tax?
An inheritance tax is a tax imposed by some states on the recipients of inherited assets. In contrast to an estate tax, an inheritance tax is paid by the recipient of a bequest rather than the deceased's estate.
The inheritance tax is not common in the U.S. In fact, just six states have an inheritance tax as of 2024. The taxation of an inheritance depends on the state in which the deceased lived or owned property, the value of the inheritance, and the beneficiary's relationship to the decedent.
Key Takeaways
- Inheritance tax is a levy on assets inherited from a deceased person.
- An inheritance tax is levied on the value of the inheritance received by the beneficiary, and it is paid by the beneficiary.
- There is no federal inheritance tax.
- Inherited assets may be taxed for residents of Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania.
- Whether you may pay inheritance tax depends on the amount of the inheritance, your relationship to the decedent, and t
- how are taxes calculated on inherited property
- how is property value determined