What is the inheritance tax rate for 2014?


Quick Answer

As of 2014, the inheritance tax rates range between 1 percent and 20 percent of the value of property and cash inherited, according to TurboTax. Eight states levied inheritance taxes in 2014, including Indiana, Iowa, Kentucky, Maryland and Nebraska. New Jersey, Pennsylvania and Tennessee also levied an inheritance tax.

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Full Answer

Inheritance taxes are distinct from estate taxes in that they are levied by states as opposed to the federal government, according to TurboTax. The tax is paid by the recipient of the inheritance as opposed to the estate of the deceased. The spouse of the deceased is frequently exempt from inheritance taxes, and the children of the deceased often receive exemptions or rate reductions.

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